[vc_row][vc_column][vc_column_text]The first ever Legal Leadership Conclave, organised by India Legal Research Foundation (ILRF) and Supreme Court Bar Association (SCBA) in association with others, held in Mumbai on Saturday, April 27, evaluated the impact of Insolvency and Bankruptcy Code (IBC) and the challenges ahead.
The law that has been in existence for three years now is a landmark law is hailed as a major step for economic reform.
Supreme Court Justice NV Ramana, who inaugurated the conclave, said in his opening remarks that with the IBC code having been around for three years, it was time to take a look at its functioning. “The IBC is one of the key reforms in the field of commercial law undertaken in the last two decades and now that it has been around for three years, it is time to reflect on its journey and discuss ways to smoothen its functioning,” he said.
“In recent times, non-performing assets have threatened to cripple our banking system and have taken the wind out of the sails of our economic growth, said Justice Ramana, adding that the IBC was enacted to provide for a time-bound insolvency resolution mechanism.
“In three years since its enactment, 12,000 insolvency cases have been filed under it and around Rs 1 lakh crore have been recovered through insolvency proceedings,” he observed and added that the object behind enacting the IBC was to consolidate the existing framework by creating a single law for Insolvency and Bankruptcy.
Justice NV Ramana lighting the lamp. Also seen are MD, APN News Rajshri Rai (standing behind him) and Editor-in-Chief India legal Inderjit Badhwar (second from right).
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[vc_row][vc_column][vc_column_text]The conclave, that had two sessions, had a line up of speakers that included some of the best authorities to speak on the subject. Other than Justice NV Ramana of the Supreme Court, among those who spoke are: PK Malhotra, former law secretary; Justice BN Srikrishna, former SC judge; Editor-in-chief, India Legal, Inderjit Badhwar; Justice Pradeep Nandrajog, chief justice of the Bombay High Court.
The event is a launch pad for a series of conclaves being held nationwide on a wide range of contemporary legal issues with the participation of sitting judges of the Supreme Court and High Courts and several other legal luminaries and thought leaders. The SCBA which works tirelessly towards protecting the interests of the Supreme Court lawyers is an important pillar of our legal system. The ENC Group-promoted ILRF, is a non-profit organization which is committed to bring justice to those who deserve it but cannot afford it.
India legal is the first and only weekly, independent politico-legal magazine that covers an entire gamut of legal news and developments in the country and which has constantly endeavoured to promote the cause of legal education. This approach also forms the bedrock of media initiatives of the ENC group, including the widely acclaimed news channels, APN TV and N1 News. The ENC Group takes great pride and responsibility in promoting new ideas, initiatives, and recommendations for the benefit of not only the legal fraternity but also society at large. It is in continuing with this tradition that the Legal Leadership Conclave is being held today. The event is being held in partnership with the Supreme Court Bar Association (SCBA) and India Legal Research Foundation (ILRF), APN TV and Nepal 1.
The IBC has emerged as the topic for discussion, the reasons for which are not hard to fathom. Before the introduction of the IBC, it took companies about four to five years to dissolve their operations; now the time has dropped drastically to a year.
However, as with any new legislation, the IBC’s smooth implementation has been riddled with many issues that had not been thought of at the time of drafting the legislation. Some of these issues have been addressed by way of legislative amendments and court orders while many more were discussed at the daylong conclave.
As mentioned above, the conclave was held in two sessions.
The Technical Session I
Subject: Opportunities and Challenges for IBC
The speakers at the session included Mukulita Vijayawargiya, member (IBBI); VP Singh (NCLT member); Mohan Bhaskar Pantulu (NCLT member); TK Vishwanathan, former secretary general, Lok Sabha; and Som Sekhar Sundaresan, advocate. Justice BR Gavai of the Bombay High Court chaired the panel.
Technical Session II
Subject: Impact of IBC on business establishments and the real estate sector
The speakers at this session were: Ravi Kumar Duraisamy (member NCLT); Justice J Bharati Dangre of the Bombay High Court; Justice V. Nallasenapathy (member NCLT); Soli Cooper, advocate; OP Bhatt, director ONGC and ex-chairman IBA; Jana Kalyan Das, senior advocate; and former SCBA president PH Parekh. Justice Dangre was the chairperson of the session
There were two rounds of Q&A where discerning questions related to IBC were asked.
Valedictory Session
This was attended by Justice Nandrajog, Justice Ramana and senior advocate Janak Dwarka Das. Justice Ramana concluded the event
The Vote of Thanks was delivered by India Legal’s Editor-in-Chief Inderjit Badhwar.
Ahead of the Jharkhand Assembly election, PM Narendra Modi launched a scathing attack on the incumbent Hemant Soren government, accusing it to put appeasement at the top of its agenda.
While addressing a rally in Jharkhand’s Garhwa, the Prime Minister said the coalition government of Jharkhand Mukti Morcha, Congress and RJD are supporters of Bangladesh infiltrators. He said that the JMM-RJD-Congress government has taken appeasement to its peak, and that these parties are destroying the state’s social harmony. He alleged that the parties are supporters of infiltrators, and to get votes of Bangladesh infiltrators, they are getting them settled across Jharkhand.
The Prime Minister stated that when schools disallow Saraswati Vandana, one can imagine how big the danger is. When there is stone-pelting during festivals, Maa Durga is stopped and curfew is imposed, one knows how dangerous it is, he continued. The Prime Minister also added that when the issue of infiltration goes to court and the administration denies, it becomes clear that the government machinery has been infiltrated. PM Modi was referring to allegations that a Muslim teacher stopped prayers to Goddess Saraswati at a school in Jharkhand’s Giridih.
Narendra Modi further claimed that if the bad policies of JMM, Congress and RJD continue, the adivasi society in Jharkhand will shrink, and advised people to use their vote to uproot this infiltrator coalition. He maintained that Jharkhand’s swift development is possible only if it has a government that expedites the implementation of central schemes.
Referring to the JMM’s decision to replace Champai Soren as Chief Minister after Hemant Soren was granted bail in a money laundering case, PM Modi said that the party has left no stones unturned in humiliating an adivasi son. He asked how the party will take care of the people of the state when nothing matters to them more than family. He added that he does not have a family, and the people are his family. He also mentioned that Champai Soren, once a trusted lieutenant of Hemant Soren, is now with the BJP.
Slamming the ruling coalition of corruption, he said that corruption hollows out the country like termites, and destroys the poor, Dalits, people from backward classes and tribals. He claimed that Jharkhand has seen for five years the corruption of the JMM-Congress-RJD government.
He also referred to the massive cash haul from the home of Congress’s former Rajya Sabha MP Dhiraj Sahu last year. Mentioning that mountains of cash are recovered from the home of Congress’s Rajya Sabha MP, he questioned if this money didn’t belong to Jharkhand.
Jammu and Kashmir Assembly on Monday witnessed chaos after People’s Democratic Party (PDP) MLA Waheed Para moved a resolution opposing the abrogation of Article 370 and called for restoring the union territory’s special status.
Waheed Para, the PDP MLA from the Pulwama Assembly seat, submitted the resolution to newly elected Speaker, Abdul Rahim Rather and requested for a discussion on the matter during the five-day session, despite not being a part of the agenda.
It was submitted that although the agenda of the House has been finalised, they believe that the authority as the Speaker allows the inclusion of the resolution, as it reflects the sentiment of the people at large. After the resolution was submitted, all 28 Jammu and Kashmir BJP MLAs stood up to oppose the move, leading to noisy scenes inside the Assembly.
As the members protested, BJP MLA Sham Lal Sharma demanded Para’s suspension for bringing the resolution in violation of Assembly rules. The agitation continued even after the Speaker repeatedly requested the protesting members to take their seats. He asserted the resolution has not come to him yet and when it does, he would examine it.
While the BJP members refused to call off their protest, National Conference MLAs slammed them for interrupting the proceedings of the House. Chief Minister Omar Abdullah addressing the session, said that the resolution has no importance and it is only for the cameras.
The Chief Minister added that how the House will reflect and discuss this matter will not be decided by any one member. If there was a purpose behind the resolution, then they would have discussed this with the government before, he continued.
Nonetheless, CM Abdullah also admitted that the people of Jammu and Kashmir do not approve of the decision taken on August 5, 2019, when Article 370 was abrogated. Lieutenant Governor Manoj Sinha also said that his government will make all efforts for the restoration of full statehood. He mentioned that restoration of full statehood would be a reciprocation of the faith reposed by the people of Jammu and Kashmir in democratic institutions.
Meanwhile, PDP chief Mehbooba Mufti expressed that she was proud of Waheed Para for submitting the resolution.
Notably, Article 370 was a provision in the Constitution that granted special autonomy to the region of Jammu and Kashmir. It also allowed the state to have its own constitution, flag, and autonomy over internal matters except defense, communications, and foreign affairs.
However, the Centre on August 5, 2019 revoked Article 370, effectively removing the special status of Jammu and Kashmir and reorganising it into two Union Territories namely, Jammu and Kashmir, and Ladakh.
20 killed after bus falls into gorge near Uttarakhand’s Pauri-Almora border, CM Dhami expresses grief
Chief Minister Pushkar Singh Dhami has announced financial assistance of Rs 4 lakh each for the families of the deceased and Rs 1 lakh each for the injured.
In a tragic incident, nearly 20 people were killed after a Garwal Motors Users bus fell into a 200-metre deep gorge near Uttarakhand’s Kupi in Ramnagar at Pauri-Almora border on Monday. The injured are being hurried to the hospital and a search operation is currently underway. At least 35 people were inside the bus when the accident occured.
The fatal accident was reported to authorities at around 9 am by passengers who had fallen from the bus during the accident. Police and teams from National Disaster Response Force (NDRF) and the State Disaster Response Force (SDRF) are at the accident site in Marchula’s Salt area.
Speaking to the media, District Magistrate Alok Kumar Pandey said that the bus was going from Garhwal to Kumaon where the accident took place at Marchula in Almora. Sanjay Kumar, Salt Sub-District Magistrate stated that some of the passengers have been rescued and admitted to hospital.
Meanwhile, Uttarakhand Chief Minister Pushkar Singh Dhami has announced financial assistance of Rs 4 lakh each for the families of the deceased and Rs 1 lakh each for the injured. The Chief Minister also directed the Commissioner of the Kumaon division to carry out a magisterial inquiry into the incident.
Taking to social media platform X, CM Pushkar Singh Dhami expressed grief, and said that a very sad news has been received about the casualties of passengers in the unfortunate bus accident that took place in Marchula of Almora district. He added that the district administration has been instructed to carry out relief and rescue operations swiftly.
Furthermore, CM Dhami stated that the local administration and SDRF teams at the accident site are working rapidly to evacuate the injured and take them to the nearest health centre for treatment. He mentioned that instruction have also been given to airlift seriously injured passengers if required.
In a tweet, the Prime Minister’s office also announced an ex-gratia of Rs 2 lakh from PMNRF for the next of kin of each deceased in the mishap in Almora, adding that the injured would be given Rs 50,000.
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