Date and Time:
June 28, 2023 9:15 AM - 4:00 PM
Hotel Eros, New Delhi, India
The Insolvency and Bankruptcy Code in India is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The Code is enacted to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
Thus, 5th Annual Insolvency and Bankruptcy Code – Conference and Awards 2023 scheduled on 28th June 2023 in New Delhi at Hotel Eros brought to you by Achromic Point along with Aekom Legal as Knowledge Partner, M/s. A.K.G. & Associates as Silver Partner and Resurgent India Limited as Supporting Partner where key issues like The proposed amendments, 2023, Code of Conduct for Committee of Creditors, Opportunities & Challenges in Funding Acquisitions Under IBC & Mediation and IBC will be discussed.
Who should attend:
- Financial Institutions
- Law Firms
- Tax Consultants and CAs
- Insolvency Professional
The 2023 Achromic Point Insolvency and Bankruptcy Awards are being introduced to recognize achievement in the domain of Insolvency and Bankruptcy in the following categories:
- Rising Star Award
- Insolvency and Restructuring Chambers of the Year
- Corporate Recovery Firm of the Year
- Insolvency Litigation Funder of the Year
- Best Innovative Recovery Practices
- Corporate Restructuring Firm of the Year
- Diversity Champion
- Insolvency Law firm of the year
- Most Promising IP of the Year
- Young Achievers Award of the Year in the Firm
- Corporate restructuring IP of the year
- Insolvency and restructuring Firm of the year
- Corporate Insolvency Litigation Firm of the Year
- Session Chairman (Mediation and IBC)
Justice Talwant Singh
Judge- Delhi High Court (Retired)
- Session Chairman (The proposed amendments, 2023)
Vijai Pratap Singh
Member NCLAT (Retired)
- Satwinder Singh
Founder and Managing Partner
- Sajeve Deora
Integrated Capital Services
- Nishtha Khurana
- Adwaita Sharma
Advocate and Secretary
UNCITRAL National Coordination Committee India (UNCCI)
- SS Ahluwalia
Chambers of SS Ahluwalia
- Ritu Goyal
Naks & Associates
- Varun Wadhwa
Country Compliance Officer – India
CBRE South Asia Pvt. Ltd Ethics & Compliance
- Ratan Gopal Mishra
Associate Vice President
Resurgent India Limited
- GP Madaan
Madaan Law Offices
- CA Saurabh Gupta
Co-founder and Director
AddVals Advisory Services Pvt Ltd.
- Hemant Sethi
Designated Partner & Insolvency Professional
AAA Insolvency Professionals LLP
- CA Vishal Gupta
M/s. A.K.G. & Associates
Registration and Tea/Coffee
Opening Remarks – IBC Overview
Session 1: The proposed amendments, 2023
The Ministry of Corporate Affairs issued a discussion paper inviting public comments on further changes being considered. There are around 40 proposed changes to address various concerns identified in the last few years. While many are much awaited however few of them needs a revisit.
Each speaker can give a ‘Good, bad, ugly’ view on the proposed amendment alongside discussing the future prospects of reforms in the field of Insolvency and restructuring law in India. Few discussion points could be:
• MCA is considering an amendment to provide that the NCLT will only rely on the record of the default available with the IUs to determine if a default has taken place while considering insolvency applications under Sections 7 and 9.
• MCA has suggested that the Code may be amended to segregate the concept of the resolution plan from the manner of distribution of proceeds
• Direct dissolution of entity.
Future prospects/ reforms
• The Cross Border Insolvency regime
• Group Insolvency regime
Session 2: Forensic and Transaction Audit under IBC
o Verification of Claims
o Appointment of Forensic Auditor and Understanding the Forensic Audit Report and Transaction Audit Report by IP
o Key Challenges and Benefits
Session 3: Code of Conduct for Committee of Creditors
Guidelines to be introduced under Indian regime
• Introducing the topic Importance of COC under IBC
• Highlights of the IBBI’s discussion paper released on 27 August 2021 wherein it is proposed to “put in place a code of conduct for CoC to elevate accountability and responsibility of CoC to ensure transparency in the functioning of a CoC.
• International perspective. UK guidelines SIP 15 and lessons to be learnt
• Is it a good idea to introduce such code of conduct or the already guiding principles under SEBI and RBI be extended to COC. If included, then should it be part of the Code or Regulations-implications? it will be considered as part of section 30 challenge as it would then be treated as ‘law’.
Session 4: Mediation and IBC
• Currently there are no statutory provisions under the Code empowering the AA to refer parties for mediation
• Various other statues providing for mediation and its success.
• Cases like Parvinder Singh vs Intec Capital Ltd. and another 2020 (1)TMI 150 the NCLAT, on request of the parties appointed a mediator. This case was resolved without even appointing COC. Lokhandwala Kataria Construction Pvt. Ltd. vs. Nisus finance and Investment Managers LLP Civil Appeal No. 9279 of 2017 the Hon’ble Supreme Court allowed out of court settlement between the parties by using its powers under Article 142 of the Constitution since the Code does not provide power to the Courts to allow such settlement.
• International Perspective- eg. case of Lehman Brothers who filed for Chapter 11 bankruptcy in US, Singapore jurisdictions etc.
• The Mediation Bill of 2021 in India.