President’s Report: Conference on “Insolvency and Bankruptcy Code 2016: Achievements, Challenges and the Way Forward”

    Conference on Insolvency and Bankruptcy Code, 2016
    Conference on Insolvency and Bankruptcy Code, 2016
    Conference was attended by Senior Government Officials, CAs, CS, Lawyers, Insolvency Professionals and Cost Accountants
    Conference was attended by Senior Government Officials, CAs, CS, Lawyers, Insolvency Professionals and Cost Accountants
    Ceremonial lamp lighting. L > R, Mr. P Balaji, Mr. Vikas Sharma, Mr. Narender Bhola, Dr. M. S. Sahoo
    Ceremonial lamp lighting. L > R, Mr. P Balaji, Mr. Vikas Sharma, Mr. Narender Bhola, Dr. M. S. Sahoo
    Mr. Vikas Sharma welcoming Dr. Sahoo
    Mr. Vikas Sharma welcoming Dr. Sahoo
    Ms. Masha Mukherjee welcoming Mr. P Balaji
    Ms. Masha Mukherjee welcoming Mr. P Balaji
    Mr. Sadhan Mukherjee welcoming Mr. Narender Bhola
    Mr. Sadhan Mukherjee welcoming Mr. Narender Bhola
    Mr. Sumanto Mukherjee welcoming Mr. Anurag Batra
    Mr. Sumanto Mukherjee welcoming Mr. Anurag Batra
    Ms. Preeti Mehta announcing the commencement of the inaugural session.
    Ms. Preeti Mehta announcing the commencement of the inaugural session.
    Mr. Vikas Sharma delivering the inaugural address.
    Mr. Vikas Sharma delivering the inaugural address.
    Mr. P. Balaji addressing the august gathering.
    Mr. P. Balaji addressing the august gathering.
    Mr. Narender Bhola delivering his address.
    Mr. Narender Bhola delivering his address.
    Key note speaker, Dr. Sahoo delivering his speech.
    Key note speaker, Dr. Sahoo delivering his speech.
    Mr. Anurag Batra delivering his address.
    Mr. Anurag Batra delivering his address.
    L > R, Mr. P Balaji, Mr. Vikas Sharma, Dr. M. S. Sahoo, Mr. Narender Bhola, Mr. Anurag Batra
    L > R, Mr. P Balaji, Mr. Vikas Sharma, Dr. M. S. Sahoo, Mr. Narender Bhola, Mr. Anurag Batra
    Morning High Tea presented an excellent networking opportunity.
    Morning High Tea presented an excellent networking opportunity.
    Interactive session with Dr. Sahoo
    Interactive session with Dr. Sahoo
    Many in the audience took the opportunity to ask questions to Dr. Sahoo
    Many in the audience took the opportunity to ask questions to Dr. Sahoo
    Interesting points were raised and clarifications sought from Dr. Sahoo.
    Interesting points were raised and clarifications sought from Dr. Sahoo.
    Dr. Sahoo patiently and comprehensively answered every query.
    Dr. Sahoo patiently and comprehensively answered every query.
    Session 2 speakers, L > R, Mr. Vivek Kumar, Mr. Anurag Batra, Mr. Vijender Sharma, and Mr. Dilip K. Niranjan
    Session 2 speakers, L > R, Mr. Vivek Kumar, Mr. Anurag Batra, Mr. Vijender Sharma, and Mr. Dilip K. Niranjan
    An elaborate lunch was served to the delegates. Provided a perfect networking opportunity.
    An elaborate lunch was served to the delegates. Provided a perfect networking opportunity.
    An interesting topic had whetted the appetite of the delegates.
    An interesting topic had whetted the appetite of the delegates.
    Ms. Preeti Mehta (podium) announced the commencement of Session 3
    Ms. Preeti Mehta (podium) announced the commencement of Session 3
    Mr. Manoj K. Mishra making his speech on the challenges and way forward for the code.
    Mr. Manoj K. Mishra making his speech on the challenges and way forward for the code.
    Dr. Vijay K. Singh had many interesting points to share with the audience.
    Dr. Vijay K. Singh had many interesting points to share with the audience.
    Mr. J. K. Budhiraja made some very relevant observations.
    Mr. J. K. Budhiraja made some very relevant observations.
    Mr. Nesar Ahmad provided a lot of clarity on the code through his speech and presentation.
    Mr. Nesar Ahmad provided a lot of clarity on the code through his speech and presentation.
    Session 3 QnA session saw active participation from the audience.
    Session 3 QnA session saw active participation from the audience.
    All questions we addressed and answered by the speakers.
    All questions we addressed and answered by the speakers.
    Ms. Alka Kapoor making her speech in the valedictory session.
    Ms. Alka Kapoor making her speech in the valedictory session.
    Mr. Amarjit Singh Chandhiok’s raised some interesting points during his inspirational and positive valedictory speech.
    Mr. Amarjit Singh Chandhiok’s raised some interesting points during his inspirational and positive valedictory speech.
    Dr. Mukulita Vijaywargiya making her valedictory address.
    Dr. Mukulita Vijaywargiya making her valedictory address.
    Ms. Sushmita Dev delivering her valedictory address.
    Ms. Sushmita Dev delivering her valedictory address.
    Mr. Vikas Sharma making the vote of thanks.
    Mr. Vikas Sharma making the vote of thanks.
    With the end of the valedictory session, the conference came to its conclusion.
    With the end of the valedictory session, the conference came to its conclusion.
    Thank you, Team H2 Life Foundation
    Thank you, Team H2 Life Foundation

April 15, 2017: H2 Life Foundation organized a one day conference on “The Insolvency and Bankruptcy Code 2016: Achievements, Challenges and the Way Forward” at Indian Habitat Centre, New Delhi.

Spread across five sessions, the conference started with the inaugural address by Mr. Vikas Sharma, President, H2 Life Foundation. Mr. Sharma stressed that:

The insolvency and bankruptcy code is a path breaking law, one of the biggest reforms next to GST, which would not only streamline the insolvency process but, will also help in boosting business growth of the country.”

Dr. M.S. Sahoo, Chairperson of the Insolvency and Bankruptcy Board (IBBI) was the Keynote Speaker at the inaugural session. Dr. Sahoo was very happy with the efforts of the foundation and congratulated Mr. Vikas Sharma and H2 Life Foundation for increasing awareness among the people about government policies. With regard to the code he said:

We had freedom of entry, and freedom to compete and now we have freedom to exit”.

On the current progress of the code he informed the august gathering that:

At least 35 corporate insolvency resolution transactions are presently going on, and involve default of about Rs 4,000 crore in a case.”

Other eminent luminaries who addressed the august gathering included, and we quote them:

Mr. Narender Bhola, Director General, Ministry of Corporate Affairs, Government of India:

“Earlier the process of insolvency took very long but with the new Code it would take much less time thereby clearing bad debts from the market.

Mr. Anurag Batra, Chairman & Editor in Chief, BW Business World, congratulated H2 Life Foundation for bringing together prominent speakers on a common platform and introspecting such an important law. He also said that

“The new Insolvency Code is aimed at improving the ease of doing business in India, which will lead to better flow of foreign investments”

Mr. P. Balaji, Director, Regulatory, Vodafone India.

The government has done a lot for changing the face of India, the best part of the new code is the government’s commitment to first pay back all the stakeholders

The Second Session was an interactive session with Mr. Sahoo in which many delegates from various fields asked a variety of question on Insolvency and Bankruptcy code 2016. The main highlight of this session was how IBBI is looking at the possibility of fast-tracking resolution process for smaller cases and those having less complications. Presently, The Code provides for completing insolvency resolution process within 180 days and the time-frame starts from the insolvency commencement date. Now, the idea of bringing it down to 90 days for smaller cases is being looked into.

The Third session which concentrated on “Ease of Doing Business in India: Provisions for ‘startups’ and ‘cross border insolvency’,” was moderated by, Mr. Anurag Batra, Chairman & Editor in Chief, Business World. The other distinguished speakers of this session were Mr. Vivek Kumar, Director & Co-Founder, goSporto, Mr Dilip K Niranjan, Advocate and Mr. Vijender Sharma, Cost Accountant.

During this session, they widely discussed and debated how the code will be helpful for new ventures and startups, how the code will ease the problem of cross border insolvency and how it will encourage foreign investments. They also discussed, how entrepreneurs will be able to make a fresh beginning after exiting from failed ventures.

The panelists in the Fourth Session which was related to the “Challenges in the Existing Framework and the Way Forward”, included, Mr. Manoj K Misra, Head of Regulatory, Vodafone; Dr. Vijay Kumar Singh, Associate Professor & Head - School of Corporate Law, Indian Institute of Corporate Affairs; CMA Mr J.K. Budhiraja, CEO Insolvency Professional Agency and Senior Director (Technical), Institute of Cost Accountants of India,  and Mr. Nesar Ahmad, Former President, Company Secretaries Institute. In this session it was discussed that, firstly the policy was creditor driven; secondly the institutional setup is still not sufficient, and thirdly bankers and management professionals were not considered for the Insolvency Professional examination.

In the last and concluding Valedictory Session the delegates were addressed by Dr (Ms) Mukulita Vijaywargiya, Member, IBBI. She congratulated H2 Life Foundation for organising the conference on the new Code and also talked about how she intends to work on the recommendations made during the course of the day.  

Mr. Amarjit Singh Chandhiok, Senior Advocate, & Member IBBI Advisory Committee on Service Providers requested the participants to maintain a positive attitude towards the code, and work together towards its effective implementation. CS Ms. Alka Kapoor, CEO, Institute of Company Secretaries of India applauded the Government’s aim of raising the bar to 90th position by 2018 and to 30th position by 2020 as far as ease of doing business with India was concerned. She also praised the Government’s commitment to releases substantial capital locked in NPA (Non-Performing Assets), thereby helping the economy prosper.

Ms. Sushmita Dev, Member of Parliament was thankful to H2 Life Foundation for taking up the Insolvency & Bankruptcy Code for discussion. She asked for White Paper recommendation from the proceedings which she said she will take to the Parliament.

In concluding the conference, Mr. Vikas Sharma gave a vote of thanks to the panelists and the participants and said, “I am indebted and thankful to all the delegates who attended the conference. I am positive that the interactive session with Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India has brought clarity on the Code, in everyone’s mind. We would also be releasing a white paper on the conference which was held today, and hope to organize similar events in the future.”

The conference witnessed massive participation of delegates from varying fields which included Members of Parliament, economists, representatives from Financial Institutions, lawyers, chartered accountants, cost accountants, company secretaries, corporates, diplomats, think-tanks, and media personnel.


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