Date and Time:
June 28, 2023 9:00 am - 2:45 pm
Hotel Eros, New Delhi, India
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 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
- Insolvency Litigation Funder of the year
- Corporate restructuring IP of the year
- Insolvency and restructuring Firm of the year
- Satwinder Singh
Founder and Managing Partner
- Sajeve Deora
Integrated Capital Services
- Adwaita Sharma
Advocate and Secretary
UNCITRAL National Coordination Committee India (UNCCI)
- Ritu Goyal
Naks & Associates
- Varun Wadhwa
Country Compliance Officer – India
CBRE South Asia Pvt. Ltd Ethics & Compliance
- Somit Chitrey
Global Head Fraud Risk- Lending, Digital Assets and Partnerships
Standard Chartered Bank
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:
• 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: 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 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.