SME Times News Bureau | 22 Jan, 2019
The Insolvency and
Bankruptcy Board of India, in association with the three Insolvency
Professional Agencies, organised an Insolvency and Bankruptcy Awareness
Programme at Vadodara, Gujarat recently.
These three agencies were
the Indian Institute of Insolvency Professionals of ICAI (lead partner), the
ICSI Institute of Insolvency Professionals, and the Insolvency Professional
Agency of Institute of Cost Accountants of India.
A large number of
stakeholders, including students, professionals, bankers, and business persons
participated in the programme.
While inaugurating the
programme, Hon’ble Mr. H. P. Chaturvedi, Member (Judicial), National Company
Law Tribunal(NCLT), Ahmedabad detailed the role of the Adjudicating Authority
in respect of Corporate Insolvency Resolution and Liquidation Processes under
the Insolvency and Bankruptcy Code, 2016 (Code).
He stated that the
Code is a dynamic law and is evolving continuously to meet emerging needs.
Resolution Professional is the fulcrum of the insolvency resolution process.
He conducts the
process with all fairness and equity in addition to managing operations of the
ailing corporate debtor as a going concern.
He mentioned that an
Insolvency Professional has a social responsibility and accountability, as the
outcome of the resolution process directly or indirectly affects livelihood of
many stakeholders.
In his
presentation, Rameshwar Dhariwal, Chief General Manager, IBBI mentioned that
while the law is new, there has been considerable learning over the last two
years of its implementation and the law is getting settled with judicial
pronouncements.
He provided an
overview of the Code and the role of IBBI in the ecosystem, besides clearing
doubts of the participants.