English हिन्दी
Connect with us

India News

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

Published

on

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).

[/vc_column_text][/vc_column][/vc_row]

[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

[/vc_column_text][/vc_column][/vc_row]

India News

Pawan Khera faces fresh setback as Supreme Court refuses relief in passport row case

Congress leader Pawan Khera faces fresh setback as Supreme Court refuses interim relief and directs him to seek bail from Guwahati High Court.

Published

on

Pawan Khera

Congress leader Pawan Khera suffered another legal setback on Friday after the Supreme Court of India declined to extend protection in a case linked to his remarks about Himanta Biswa Sarma’s wife.

A bench of the apex court refused to interfere with an earlier order that had stayed the transit anticipatory bail granted to Khera by the Telangana High Court. This decision leaves the Congress leader open to possible arrest by Assam Police in connection with the case.

During the hearing, Khera’s counsel sought interim protection, but the court declined the request and advised him to approach the appropriate court in Assam for relief. The bench clarified that the Guwahati High Court should decide any bail plea independently and on its merits.

“Am I a terrorist?” remark during hearing

While seeking protection, Khera’s legal team expressed concern over the urgency of the situation. In court, his counsel remarked, “Am I a terrorist?” highlighting the plea for temporary relief until a fresh bail application could be filed.

The Supreme Court also raised concerns over the submission of incorrect documents during the proceedings, adding another layer to the legal complications faced by the Congress leader.

Case linked to remarks on CM’s wife

The case stems from a press conference held earlier this month, where Khera made allegations regarding the citizenship status and financial assets of the Assam Chief Minister’s wife, Riniki Bhuyan Sharma.

He had claimed that she possessed multiple passports and owned undisclosed overseas properties. These allegations were strongly denied by the Chief Minister’s family, who termed them fabricated and misleading.

Legal battle intensifies

Earlier, the Telangana High Court had granted Khera temporary transit anticipatory bail, allowing him time to seek relief from a competent court in Assam. However, the Supreme Court stayed that order following a challenge by Assam authorities, escalating the legal battle.

With the latest ruling, Khera is now expected to move the Guwahati High Court for anticipatory bail as the case continues to unfold.

Continue Reading

India News

Congress suspends 5 Haryana MLAs over cross-voting in Rajya Sabha polls

Congress suspends five Haryana MLAs for cross-voting in Rajya Sabha elections, citing serious indiscipline and anti-party activities.

Published

on

The Congress has suspended five of its MLAs in Haryana for cross-voting during the recent Rajya Sabha elections, taking disciplinary action over what it described as “anti-party activities”.

The move came after the state unit reviewed the conduct of certain legislators during the polls, where some were found to have voted against the party’s authorised candidate.

Five MLAs suspended after disciplinary process

According to party sources, the MLAs were issued show-cause notices seeking an explanation for their actions. After reviewing their responses, the Congress disciplinary committee recommended suspension.

The decision was approved by the party leadership, including Congress president Mallikarjun Kharge, and has been implemented with immediate effect.

Party calls it ‘grave indiscipline’

Haryana Congress chief Udai Bhan said the action was necessary to uphold party discipline, stressing that defying the official party line during elections weakens organisational unity.

He said the party takes such violations seriously and will continue to act against any form of indiscipline.

Leadership backs strict action

Senior Congress leader and Leader of Opposition Bhupinder Singh Hooda supported the decision, saying it was taken after due consideration.

He noted that while Rajya Sabha elections are conducted through an open ballot system, allowing legislators some flexibility, the party retains the authority to initiate internal disciplinary action in cases of deviation.

Background

The action follows cross-voting reported during the recent Rajya Sabha elections in Haryana, which led to internal concerns within the party. The development has highlighted organisational challenges and prompted the leadership to take corrective steps to reinforce discipline.

Continue Reading

India News

Harivansh set to be elected Rajya Sabha Deputy Chairperson unopposed

Harivansh is set to be elected unopposed as Rajya Sabha Deputy Chairman after no opposition nominations were filed before the deadline.

Published

on

Former Rajya Sabha Deputy Chairman Harivansh is set to be re-elected to the same post unopposed in the election due to be held later today.
The date has been fixed by the Chairman under the relevant rules governing the conduct of business in the Upper House.
According to sources, the deadline for submitting motions for the election was 12 noon on April 16. A total of five notices were received within the stipulated time, all proposing Harivansh for the post.

Multiple nominations, single candidate
The motions were submitted by members across parties, including Jagat Prakash Nadda, Nitin Nabin, Nirmala Sitharaman, Sanjay Kumar Jha, and Jayant Chaudhary, each backed by seconding members.
All five motions explicitly state that Harivansh be chosen as the Deputy Chairman of the Rajya Sabha.

No opposition nomination filed

Notably, no motion was submitted by the Opposition before the deadline. This effectively clears the path for a unanimous election, as there is no contest for the position.
As per parliamentary procedure, motions will be taken up one by one. Once any one motion is adopted by the House, the remaining motions will not be put to vote.

Likely to be elected by voice vote
In line with established practice, the first motion — expected to be moved by Nadda — may be adopted through a voice vote. Following this, the Chairman will formally declare Harivansh as elected Deputy Chairman.
After the declaration, Harivansh will be escorted to the Chair by members from both the Treasury and Opposition benches, adhering to parliamentary convention.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com