Manesar: The Indian Institute of Corporate Affairs (IICA), under the Ministry of Corporate Affairs, has inaugurated the sixth batch of its flagship Post Graduate Insolvency Programme (PGIP) at a distinguished ceremony held in Manesar. The event was graced by eminent figures including Justice S. Ravindra Bhat, Retired Judge of the Supreme Court of India, Dr. Ajay Bhushan Prasad Pandey, Director General and CEO of IICA and Chairperson of the National Financial Reporting Authority, Dr. Alok Srivastava, Former Technical Member of NCLAT, Sudhaker Shukla, Whole Time Member of IBBI, and Dr. K.L Dhingra, Head of the Centre for Insolvency and Bankruptcy at IICA.
In his inaugural address as the Chief Guest, Justice S. Ravindra Bhat reflected on the evolution of the Insolvency and Bankruptcy Code (IBC) over the past eight years. He compared the objectives of the IBC, 2016 with the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, emphasizing how the IBC unified and streamlined the resolution process. Justice Bhat highlighted the critical roles of the National Company Law Tribunal (NCLT), the National Company Law Appellate Tribunal (NCLAT), and Insolvency Professionals (IPs) in ensuring efficient and timely resolutions. He also addressed the ongoing challenges faced by the IBC, including timely resolutions, infrastructure issues, and the importance of prioritizing the Corporate Insolvency Resolution Process (CIRP) over liquidation.
Dr. Alok Srivastava, Former Union Secretary of Law & Justice and Former Technical Member of NCLAT, shared his insights on the role of Insolvency Professionals as central figures in the resolution process. He discussed the ease of doing business facilitated by the IBC, the significance of the law of limitation, and how the IBC has effectively addressed related party transactions.
Sudhaker Shukla, Whole Time Member of IBBI, highlighted Prime Minister Narendra Modi’s remarks on the ‘strategy of recognition, resolution, and recapitalization’ during the 90th Anniversary of the Reserve Bank of India. He noted the significant achievements of the IBC, including nearly 1000 resolutions in the current year and the substantial number of application withdrawals and resolutions over liquidations. Shukla also praised the creation of the IBBI as a regulatory body and the introduction of the PGIP as pioneering initiatives.
Dr. K.L Dhingra, Head of the Centre for Insolvency and Bankruptcy, narrated the success stories of PGIP alumni and emphasized the importance of ethics in the resolution process.
In his welcome address, Dr. Ajay Bhushan Prasad Pandey, DG and CEO of IICA, spoke about the robust insolvency framework provided by the IBC and its role in fostering a healthy credit culture. He emphasized that insolvency resolution is key to unlocking productive assets and preventing value destruction, and highlighted the pivotal role of insolvency professionals in maintaining public faith in the financial system.
The inauguration of the sixth batch of the Post Graduate Insolvency Programme signifies IICA’s commitment to creating skilled professionals for excellence and leadership in the field of insolvency and bankruptcy in India. Launched in 2019, the programme has been well-received by stakeholders across the country, reflecting the collaborative effort of IBBI and IICA to enhance knowledge and expertise in corporate insolvency and bankruptcy.
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