[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.
Hardeep Singh Puri elected unopposed to Rajya Sabha from Madhya Pradesh
Union Minister Hardeep Singh Puri has been elected unopposed to the Rajya Sabha from Madhya Pradesh after the nominations of two other candidates, including a Congress-backed nominee, were rejected.
Union Petroleum Minister and Bharatiya Janata Party (BJP) leader Hardeep Singh Puri has been elected unopposed to the Rajya Sabha from Madhya Pradesh. The announcement was made on Thursday after the deadline for withdrawal of nominations ended, leaving Puri as the only candidate in the contest.
Puri’s election followed the rejection of nomination papers filed by two other candidates, Kante Sayanna and Rajkumar Lohani, who was backed by the Opposition Congress. Their nominations were rejected during the scrutiny process, making Puri the sole candidate remaining in the fray.
Returning Officer Umesh Sharma formally declared Puri elected to the Upper House of Parliament. Madhya Pradesh BJP president Hemant Khandelwal collected his certificate of election from the returning officer in the presence of party MLA Rameshwar Sharma.
Why Hardeep Singh Puri was elected unopposed
The Madhya Pradesh Rajya Sabha bypoll witnessed three candidates initially entering the contest. However, the nomination papers of the two other candidates did not clear scrutiny.
Kante Sayanna and Congress-backed candidate Rajkumar Lohani had their nominations rejected during the examination of election papers. With both candidates out of the contest, Puri remained the only candidate.
As a result, the returning officer declared him elected unopposed on the final day of withdrawal of nominations on November 5.
The bypoll, if required, had been scheduled to take place on November 12.
Why the Madhya Pradesh Rajya Sabha seat fell vacant
The by-election became necessary following the resignation of former Union minister L Murugan from the Rajya Sabha last month.
Murugan’s departure created a vacancy in the Upper House from Madhya Pradesh. His original term was scheduled to continue until April 2, 2030.
The BJP subsequently nominated Hardeep Singh Puri as its candidate for the by-election.
Puri, a former diplomat who later entered politics, currently serves as the Union Minister of Petroleum and Natural Gas.
Amit Shah challenges Rahul Gandhi to debate SIR in Parliament
Amit Shah responded to Rahul Gandhi’s public debate challenge by inviting him to discuss the SIR exercise in Parliament. He also criticised the Congress over its demand for Chief Election Commissioner Gyanesh Kumar’s resignation.
Union Home Minister Amit Shah has challenged Congress leader Rahul Gandhi to take up his demand for a public debate with Prime Minister Narendra Modi in Parliament, saying the government is ready to convene a special session to discuss the Special Intensive Revision (SIR) exercise.
Addressing a rally in Haryana’s Karnal, Shah directly responded to Gandhi’s challenge to the Prime Minister, asking the Congress leader to write to PM Modi if he wanted a discussion.
“I want to challenge Rahul Gandhi directly. You challenge PM Modi for a discussion? If you want a discussion, simply write a letter to PM Modi. We are ready to convene a special session of Parliament to discuss the SIR exercise… Come and debate in Parliament,” Shah said.
The remarks came two days after Rahul Gandhi issued another public debate challenge to the Prime Minister.
On November 3, Gandhi wrote in a post on X that PM Modi could choose any stage or venue for a discussion. He proposed debating allegations concerning who was anti-national and who had connections with foreign forces, adding that the media and the country’s youth should also be present.
Amit Shah targets Congress over SIR controversy
During his address, Shah also criticised the Congress over its demand for the resignation of Chief Election Commissioner Gyanesh Kumar.
Referring to the 2014, 2019 and 2024 Lok Sabha elections, the Home Minister argued that the Congress had lost despite no Special Intensive Revision exercise being conducted during those elections.
“Where was the SIR in 2014? You were completely wiped out even then. Where was SIR in 2019? You lost. There was no SIR in 2024 either, yet you lost again,” he said.
Shah also referred to the elections in Haryana and Maharashtra, claiming that there was no SIR exercise in either state when the Congress suffered electoral defeats.
He accused the Opposition of disrupting parliamentary proceedings and organising protests on the streets instead of allowing Parliament to function.
Shah criticises Rahul Gandhi over protests
The Home Minister further alleged that Rahul Gandhi and the Congress were creating disorder through street protests and parliamentary boycotts.
Shah said BJP workers would give a “fitting reply” if Gandhi continued to mobilise crowds on the streets.
He also questioned Gandhi’s claim to have mobilised large numbers of people for a rally in Delhi, alleging that the venue had a capacity of 70,000 and was still half empty despite an appeal to bring 10 lakh people.
“The people of the country have consistently defeated Rahul Gandhi and the Congress party. The people of the country are not with you or the Opposition alliance,” Shah said.
Amit Shah raises questions over Rahul Gandhi’s foreign visits
Shah also sought details about Rahul Gandhi’s foreign visits, arguing that people had a right to know about them.
“You’re Leader of Opposition… People have the right to know,” the Home Minister said.
His remarks came amid the continuing political confrontation between the BJP and Congress over the SIR exercise, electoral processes and the Opposition’s criticism of the Election Commission.
As Chhattisgarh celebrated its 26th Foundation Day with Home Minister Amit Shah as chief guest, there are worries about the cash programmes for women.
With the payment of the 33rd consecutive monthly installment of Mahtari Vandan Yojana to more than 67 lakh beneficiaries, Chhattisgarh has created a record of sorts. The 67 lakh women are supposed to have received a monthly cash dole of Rs 1000 per head in their accounts totaling to a mammoth Rs 21,350 crore. It translates into a very neat Rs 33000 per head for each married woman over the age of 21 so far.
And all these women are KYC- checked and receive the direct benefit transfer. If there are an average of three married women in a joint family, then the amount totals to better than the average rise in paddy prices. That’s not all, there are six other women’s schemes which provide easy loans and rent free shops in good locations. These schemes pump in a further Rs 11,000 crore into each household every year. Further, the renamed MNREGA has another Rs 16,200 crore reserved for the state every year.
So far so good and it reads like a state government PR pamphlet. Now for the bad news. The cash dole has so far been absorbed by the family itself because of the inordinate rise in fuel prices. By all accounts only 23 per cent of the households who receive gas cylinders are able to continue buying it. Only 15 per cent of those who received loans for various trades including e-rickshaws have been able to sustain it. This is roughly about 41,000 women so far.
The state had also invested in physical infrastructure like sheds and shops for trades like mushroom farming, goat farming and small size hatcheries. Some shops were given rent free on prime locations in Raipur, Durg and Bilaspur etc. Most of these facilities have been abandoned as the self-help groups (SHGs) formed for the purpose haven’t been able to convert it into a profitable venture. In fact, each SHG, which usually has 11 women, is given a monthly encouragement amount of Rs 15,000 which is now being split amongst the group with nothing to show for it. Most sheds have either broken down or have become illegally occupied. Better still, the shops have been handed over to businessmen to recover some of the cost.
“The main reason these schemes have not had the desired effect is lack of training and a general apathy on part of the entrepreneurs because of easy cash,” said an official. And that best sums it up.
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