Achromic Point

Registration and Tea/Coffee

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:

Amendments-

• 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

• prepacks

Session 2:  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’.

Tea/Coffee break

Session 3: Opportunities & Challenges in Funding Acquisitions Under IBC

• The concept

• Litigation funding for avoidance transaction under IBC

• Litigation Funding and timelines under IBC

• International Perspective

• Impact and assessment of Third-party funding

• Challenges for financiers under IBC

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.

Awards Distribution

Networking Lunch