IWIRC eNewsletter March 2018 - Page 20

Rosemary and Fran Gambardella, Ann Conrey (who some of you may recall later became Ann Commisa), Gerry Ponto and Kathy Suplee.

WFPNJ’s first event was a cocktail reception in honor of the newly appointed Bankruptcy Judge Gambardella on May 1, 1985. Only to be followed by several similar events honoring newly appointed bankruptcy judges over the next 8 or more years, including Judges Wizmur, Winfield, Burns and Ferguson. Although we also honored several male judges as well -- since we were on a roll with hosting wildly successful and profitable parties, we didn’t see the need for gender discrimination.

WFPNJ wisely used its robust treasury to award scholarships to women law students through a committee that included for many years Gerry Ponto and Fran Gambardella.

Now for the connection to IWIRC – which has become the premier women’s insolvency organization not only in the US but worldwide [as you have heard]. I learned from a website search that IWIRC was founded in December 1993 by Selinda Melnik, Laureen Ryan, and Martha Fetner, an attorney, investment banker and commercial banker, respectively.

And that jibes with my memory. As I recall, it was several years after WFPNJ was formed when Laureen Ryan reached out and traveled from NYC to NJ to attend one of our WFPNJ member dinners to learn about the organization because she and a few others were considering starting a women’s insolvency group in the City.

The rest is history – IWIRC was founded in December 1993 and, needless to say, Laureen and her colleagues certainly succeeded in a big way. The growth of IWIRC as a robust international organization is proof of that success.

I share this background with you to let you know that tonight’s honor is special to me because of my affiliation with WFPNJ and the history I was part of when IWIRC was in its formative stages. And it is so heart-warming to see how many of you and others across the globe have joined IWIRC and been nurtured by your affiliation with so many accomplished women. It would put a smile on the face of Judge Commisa and the other men who were among the pioneers of male mentors for women in the insolvency profession.

International Article

Applicability of Limitation Act to the Insolvency and Bankruptcy Code, 2016

By Astha Srivastava and Nimisha S. Dutta

The Limitation Act, 1963 (“Limitation Act”) is a law of repose, peace, and justice that bars the remedy after lapse of a particular period by way of public policy and expediency without extinguishing the right in certain cases.1 This is based on a public policy principle that a claimant who has slept over its claim cannot seek to enforce the said claim/rights at a later stage, as it will prejudice the right of the other party. When the Insolvency and Bankruptcy Code, 2016 (“Code”) is


1 Craft Centre v. Koncherry Coir Factories, AIR 1991 Ker 83