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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

Jammu and Kashmir: 10 killed as taxi rolls into gorge at Ramban, PM Modi announces ex-gratia of Rs 2 lakh

Ramban deputy magistrate said that it was pitch dark and raining heavily when the accident occurred near Battery Chashma around 1.15am.

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In an unfortunate incident, ten passengers were killed when a taxi veered off the road amid heavy rain and fell into a gorge in Ramban district on the Jammu-Srinagar national highway early on Friday.

Baseer-ul-haq, Ramban deputy magistrate said that it was pitch dark and raining heavily when the accident occurred near Battery Chashma around 1.15am. He added that while the vehicle, believed to be a Chevrolet Tavera, has not been traced yet, 10 bodies have been recovered from the steep slope from where it went down 500 metres.

Police along with quick reaction teams, the local tehsildar, assistant commissioner, revenue, and other officials were at the spot supervising rescue work. Reports said that two identity cards were recovered from two bodies. 

The bodies were identified as taxi driver Balwan Singh, 47, of Amb Gharota in Jammu district, and Vipin Mukhiya, of Bhairagang in West Champaran district of Bihar. The identified bodies were taken to Ramban district hospital. Police asserted the taxi was on its way to Kashmir from Jammu.

Expressing grief over the accident in Ramban, Prime Minister Narendra Modi announced an ex-gratia of Rs 2 lakh from PMNRF, which would be given to the next of kin of each deceased. Furthermore, the injured would be given Rs 50,000.  PM Narendra Modi also extended condolences to the bereaved families and prayed for a quick recovery of the injured. 

Taking to social media platform X, President Droupadi Murmu said that the news of many people getting killed after a vehicle fell into a ditch in Ramban area on Jammu-Srinagar National Highway is very sad. She also offered condolences to the bereaved families.

Earlier, Jammu and Kashmir police shared on social media platform that a passenger taxi rolled down a deep gorge on the Jammu-Srinagar national highway near Battery Chashma in Ramban area. It added that Police, SDRF and civil QRT Ramban reached on spot, rescue operation is going on.

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Hardeep Singh Puri says Sunita Kejriwal is preparing to hold Delhi CM post like Rabri Devi

The Union Minister was speaking to the media during the inauguration of Delhi BJP’s election office along with leaders including Delhi BJP Chief Virendra Sachdeva and Bansuri Swaraj.

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Union Minister Hardeep Singh Puri on Friday compared Delhi Chief Minister Arvind Kejriwal’s wife and former Bihar chief minister Rabri Devi, hinting that she may be gearing up to take on her husband’s post. The Union Minister was speaking to the media during the inauguration of Delhi BJP’s election office.

The BJP leader further took a dig at Delhi Chief Minister for forming an alliance with the most corrupt party against whom they had started an anti-corruption movement with social activist Anna Hazare. The minister made the statement in response to a question regarding Sunita Kejriwal, who earlier today launched a whatsapp campaign advocating for support for her husband, who is in ED custody in connection with the Excise policy case.

In a video Sunita Kejriwal said her husband has challenged the most corrupt and dictatorial forces in the country and asked people to support her husband through their prayers and blessings. She issued 2 WhatsApp numbers 8297324624 and 9700297002 through which people can send their blessings, prayers or any other messages to the Aam Aadmi Party (AAP) supremo and she will communicate those to him.

She said yesterday Kejriwal had presented his side in the court, and the entire country heard it. She requested the people to listen to it if they had not listened till now. She added whatever Kejriwal had said in front of the court required a lot of courage. She said her husband is a true patriot. She requested the people to participate in the Kejriwal ko Aashirwad campaign.

BJP leader Manoj Tiwari also took a dig at Aam Aami Party asking why only Kejriwal’s wife is coming out in his support, and not the people of Delhi. He said the Honorable Justice of High Court said they cannot stop Arvind Kejriwals’ arrest that they are surprised why he hasn’t been arrested yet?

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Lok Sabha elections: INDIA bloc in Bihar seals seat-sharing deal, Congress get 9 seats, RJD 26

Purnea and Katihar, currently held by the Janata Dal (United), had emerged as the sticking point in seat-sharing talks between the Rashtriya Janata Dal (RJD) and the Congress for the 40 Lok Sabha seats in Bihar.

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The Opposition INDIA bloc sealed the seat-sharing deal in Bihar for 2024 Lok Sabha elections. The Mahagathbandhan’s largest constituent, RJD will field its candidates from 26 seats, including Purnea and Hajipur, while the Congress will contest on nine seats, including Kishanganj and Patna Sahib. Meanwhile, the Left will fight on five seats.

Purnea and Katihar, currently held by the Janata Dal (United), had emerged as the sticking point in seat-sharing talks between the Rashtriya Janata Dal (RJD) and the Congress for the 40 Lok Sabha seats in Bihar.

Reportedly, the Congress has been made to give up the Purnea Lok Sabha seat, which recent entrant Pappu Yadav, husband of Rajya Sabha MP Ranjeet Ranjan, was hoping to contest, mentioning that he had received assurance of Congress ticket from Rahul Gandhi and Priyanka Gandhi.

The seat will be contested by RJD, which recently gave the party ticket to JD(U) turncoat Bima Bharti, but stopped short of announcing it formally. The INDIA bloc seat-sharing announcement comes a day after the filing of nomination papers for the first phase of Lok Sabha polls was over. The RJD has fielded its candidates in all four seats going to elections in the first phase.

Earlier, Tejashwi Yadav attended an INDIA bloc meeting regarding Bihar’s seat-sharing formula at Congress leader Mukul Wasnik’s residence and said that the RJD, the Congress and the Left will fight the Lok Sabha elections together in Bihar. He added that the INDIA bloc partners have agreed verbally on the seat-sharing arrangement and all the constituents are getting a respectable deal. Tejashwi Yadav’s remarks came amid reports of disquiet in the Indian National Developmental Inclusive Alliance in Bihar over seat sharing.

In the previous Lok Sabha elections, the National Democratic Alliance, including the BJP, JD(U) and LJP won 39 seats. The first phase of the Lok Sabha elections is scheduled for April 19.

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