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Top legal luminaries deliberate on Insolvency & Bankruptcy Code at India Legal Conclave

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Top legal luminaries deliberate on Insolvency & Bankruptcy Code at India Legal Conclave

[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).

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.

Read the full speech of Justice N V Ramana here

Watch the full speech here

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India News

Union Minister Nitin Gadkari says poor engineering, lack of accountabillity behind road accidents

Nitin Gadkari blames flawed road designs and lack of accountability for rising road accidents in India. He calls for improved safety measures and better planning in infrastructure projects.

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Union Minister Nitin Gadkari

Union Minister for Road Transport and Highways, Nitin Gadkari, has blamed faulty detailed project reports (DPRs) and flawed road designs for the increasing number of road accidents in India. Speaking at the Global Road Infratech Summit & Expo (GRIS), he underscored the lack of accountability in road construction and planning, calling for urgent reforms to improve road safety.

Engineering flaws behind rising accidents

Gadkari, known for his candid opinions, stated, “Most of the road accidents happen in the country due to small civil mistakes, faulty DPRs and nobody is held accountable.” He pointed out that poor-quality DPRs and defective planning have led to an alarming rise in road mishaps.

Expressing concern over India’s poor road signage and marking systems, Gadkari urged authorities to take lessons from countries such as Spain, Austria, and Switzerland, where road infrastructure is significantly better.

Call for new strategies and sustainable materials

The minister emphasized the importance of adopting newer technologies and sustainable, recyclable materials in road construction to enhance safety. He urged the road construction industry to devise better strategies for accident prevention.

Disturbing road accident statistics

India recorded a staggering 1,80,000 deaths due to road accidents in 2023, a number Gadkari deemed unacceptable. With road safety being a top priority, he reiterated the government’s commitment to reducing road accidents by 50% by 2030.

Industry voices stress on prioritizing safety

At the event, International Road Federation (IRF) president emeritus K K Kapila echoed Gadkari’s concerns, stating that safety should be integrated into every aspect of road design, construction, and management. He emphasized that initiatives like GRIS aim to move towards a future with zero road fatalities.

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India News

AI-generated video of miniature humans making Indian sweets goes viral with 16 million views

A viral AI-generated video shows tiny human figures crafting oversized Indian sweets in a creative reel that has captivated social media, amassing over 16 million views.

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AI-generated video of tiny humans making Indian sweets

Artificial Intelligence (AI) continues to redefine creativity in the digital world, and the latest viral sensation is a testament to that. A mesmerizing AI-generated video featuring miniature human figures ‘making’ traditional Indian sweets has taken social media by storm, amassing over 16 million views on Instagram.

Miniature workers crafting oversized sweets

The viral reel, shared by the Instagram page @the.aiengineer, showcases tiny human-like figures engaged in the intricate process of ‘preparing’ various Indian sweets that appear much larger than them. Dressed as construction workers, the miniature figures are depicted as ‘perfecting’ stacks of jalebis, kneading soft rasgullas, glazing gulab jamuns, and shaping laddoos, kaju katlis, barfis, patisa, and other beloved treats.

One particularly creative scene features rasgullas floating in a pond of sugar syrup, with the tiny figures rowing a boat over them. In the background, more miniature workers are seen carting, collecting, and shaping ingredients such as dry fruits and nuts. Ladders, cranes, and other construction machinery are cleverly incorporated into the scenes, making the process look like a grand culinary project.

Social media reacts with admiration and humor

The video has sparked a wave of reactions in the comment section. While many users expressed awe and appreciation for the imaginative concept, others found it humorous. Some of the top comments included:

  • “Wow, so beautiful.”
  • “Can’t stop watching it. It’s amazing.”
  • “Get me a ticket to this city.”
  • “Love the imagination.”
  • “No hygiene at all… people are walking on laddoos!”

Some viewers even drew comparisons to the world of ants, while others humorously pointed out concerns about hygiene in this whimsical world of sweets.

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Entertainment

Kiara Advani exits Don 3 after pregnancy announcement, says report

Kiara Advani has reportedly exited Don 3 following her pregnancy announcement. However, an official confirmation is still awaited.

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Kiara Advani exits Don 3 after pregnancy news

Bollywood actress Kiara Advani has reportedly stepped away from Ranveer Singh-starrer Don 3 following her pregnancy announcement with husband Sidharth Malhotra. The actress was earlier confirmed as the female lead in Farhan Akhtar’s much-anticipated film.

No official confirmation from the makers yet

As per a report, Kiara Advani has chosen to prioritize her personal life over Don 3. However, there has been no official confirmation from either the actress or the makers of the film regarding her exit. Last year, Excel Entertainment welcomed Kiara to the Don universe through a social media announcement, but no details about her role were disclosed.

Kiara Advani and Sidharth Malhotra’s pregnancy announcement

Kiara Advani and Sidharth Malhotra shared the joyful news of their pregnancy last week with a heartwarming post on social media. The couple posted an image featuring a pair of tiny socks, captioning it, “The greatest gift of our lives. Coming soon.” Fans and industry colleagues showered the couple with congratulatory messages.

Kiara’s upcoming projects

While stepping away from Don 3, Kiara Advani is currently wrapping up War 2, where she will be seen alongside Hrithik Roshan and Jr NTR. She is also working on Toxic, starring Kannada superstar Yash.

Beyond these confirmed projects, speculation is rife regarding Kiara’s involvement in Shakti Shalini and Dhoom 4, both set for a 2026 release. Whether she will continue with these projects or take a break remains to be seen, with an official announcement awaited.

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