What they Said
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What they Said
The event started really very well. They were able to bring the best faculty to come and speak. I think their experiences and guidelines should help us evolve better through the Insolvency Code. We must all keep our enthusiasm as there is no magic wand in this and time will make all processes clear. Several creases have already been cleared by the courts, and as time passes and with the implementation of this law, we will be able to build a robust insolvency system.
Amarjit Singh Chandhiok
Senior Advocate, President, INSOL India
INSOL India will continue to organize such educational and knowledge-sharing programs with support from international experts. We are grateful to speakers, in particular, those who traveled from other parts of the world, for their contribution in making the Summit a great success, said Sumant Batra, Chief Mentor of INSOL India and Summit Chair.
Sumant Batra
Managing Partner & Head Insolvency & Secured Transactions Practice, Kesar Dass B & Associates
Justice S. C. Gupte
Judge, Bombay High Court
Hon’ ble Justice S. C. Gupte highlighted that under the existing regime, Courts had to dabble with thirteen different legislations that dealt with the insolvency and liquidation of corporate entities, partnerships and individuals. Justice Gupte observed that the lack of specific timelines and the plethora of forums gave rise to long drawn and complicated legislations in this sphere. The IBC, which provides for a single forum for insolvency resolution of corporate persons and prescribes specific timelines for insolvency resolution and liquidation, was, in his opinion, a welcome change to the existing regime. Whilst pointing out the positive features of the IBC, Justice Gupte observed that the IBC also had certain drawbacks such as non-inclusion of operational creditors in the committee of creditors and lack of comprehensive provisions pertaining to cross-border insolvency.
November 2017 | Legal Era | www. legaleraonline. com