BRICS Chamber of Commerce and Industry
(BRICS-CCI) organized the conference on The
Insolvency & Bankruptcy Code 2016 with Achromic Point as Marketing
Partner, Sastra Legal as Knowledge Partner, The Institute of Internal Auditors
of India as Institutional Partner, Spliced Knot as Digital
Marketing Partner, Bloomsbury India as Publishing Partner with the aim to
initiate a dialogue on the same. Commenced by the welcome address by Dr. BBL Madhukar, secretary General,
BRICS-CCI and Mr. Aashish Verma,
Director, Achromic Point, the agenda behind this event was to conduct an
integrated discussion and imparting knowledge on ‘The Insolvency &
Bankruptcy Code 2016’. The suggested themes for the presentations were:
Bankruptcy for corporate, non-
corporate and individuals
Contentious issues under the
Insolvency and Bankruptcy Law
Mr. A.S. Chandhiok, President of INSOL Board, Designated Senior Advocate, headed the
inaugural session. While addressing the gathering, he talked about Insolvency
and Bankruptcy Code passed by Parliament which is a welcoming overhaul of the
existing framework dealing with insolvency.
The keynote address by Mr.
Lalit Bhasin, President of the society of Indian law firms and MD at Bhasin
& Co., ascertained the realisation and recognition of collapse in the value
of asset is must.
Dr. BBL Madhukar Secretary General, BRICS-CC, expressed his views how bankers have
to face the pain as they lend the money but are not able to restore the same
and stakeholders become worse-off.
Mr. Hemant Sharma,
Partner, Sastra Legal took the interactive session forward by elaborating bankruptcy
for corporate, non-corporate and individuals. He presented the initiation of
corporate insolvency resolution process by financial/operational creditors and
Mr. Sajeve Deora, Director of Integrated Capital Services spoke about the
liquidation process. His points of discussion covered the well defined
waterfall mechanism. He told that the liquidator shall form an estate of the
assets and consolidate, verify, admit and determine value of creditors’ claims.
Mr. Pulkit Gupta, Director of Restructuring and Turnaround services extensively discussed
about the contentious issues under IBC 2016. He told that ‘Only financial
creditors can become the members of voting rights’ and discussed about the
factors to be considered before invoking IBC and cross border insolvency. Also
IP takes over the management of company after IBC in invoked.
The conference ended with Aashish Verma expressing his gratitude
towards the attendants, anticipating that the code would have an overriding
effect on all other laws relating to insolvency and bankruptcy.
Hon’ble Mr. Justice Arjan
Kumar Sikri, Supreme Court of India conducted the
valedictory session. Very eloquently he expressed his views about the elements (efficiency,
predictability and transparency) and the importance of balance between the
creditor’s rights and rehabilitation of the insolvent Company. He guided us
about the contribution that every company adds to the economy. He concluded by
saying that we can attract FDI only if creditors’ rights are taken care of.