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The Summit had the best minds come together from
different jurisdictions and was a great initiative by INSOL
India. IBC marks a paradigm shift in the regime around
insolvency, bankruptcy and resolution of corporate
debtors. The creditor in control approach will undoubtedly
bring about behavioral changes in the lending landscape
for the better, and we will hopefully move towards a more
disciplined and limited default culture. Cross-border
insolvency, RP capacity building, information utilities, group
company insolvencies are some key areas which need to
be developed as we move forward with the Code.
Damini Marwah
General Counsel, Axis Bank
Justice R.D. Dhanuka
Judge, Bombay High Court
Hon’ble Mr. Justice R.D. Dhanuka stressed on the practical
implications of the IBC on the judicial system in India.
Justice Dhanuka observed that presently, there are only
11 states in which the National Company Law Tribunal has
been established. NCLT benches in various states, including
Maharashtra, have jurisdiction of the insolvency resolution
and liquidation of corporate persons registered in more
than two/three states, in addition to their other judicial
functions under the Companies Act, 2013. Additionally,
Justice Dhanuka observed the need for a national training
institute that trains Members of the Hon’ble Tribunals in the
laws of insolvency resolution and liquidation under the IBC.
Justice Dhanuka urged both litigants and lawyers to assist the
judiciary as far as possible so as to enable it function smoothly
and in accordance with the timelines prescribed in the IBC.
It’s exciting to watch the development of the new
Code, which is a forward-looking development for
India. Development of the cross-border element
of the Code is yet to come, but I am confident it
will happen over time. It was a great event, with all
senior professionals and bankers in the community
learning a tremendous amount from people
in India and people coming in to share their
expertise, and I’m honored to be here.
James H.M. Sprayregen, P.C.,
Partner, Kirkland & Ellis LLP
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| L egal E ra | N ovember 2017
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