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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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Magnus Carlsen hails Gukesh Dommaraju’s historic Chess World Championship 2024 win

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Magnus Carlsen hails Gukesh Dommaraju's historic Chess World Championship 2024 win

Indian chess prodigy Gukesh Dommaraju etched his name in history by becoming the youngest-ever Chess World Champion 2024, defeating defending champion Ding Liren in the final round. The 18-year-old’s victory marks a monumental achievement, making him the second Indian to claim the title after Viswanathan Anand.

Gukesh’s remarkable performance throughout the tournament, including a standout display at the Candidates event, has drawn widespread praise, including from world number one Magnus Carlsen. The Norwegian legend lauded Gukesh’s strategic prowess and predicted a bright future for the young champion, suggesting he could soon become the world’s second-ranked player and possibly challenge for the top spot.

Carlsen, who chose not to defend his title in 2023 after a decade of dominance, commended Gukesh’s team for their innovative strategies. “It’s an incredible achievement. Gukesh’s performance in the FIDE circuit, the Chennai tournament, and the Candidates event was extraordinary,” Carlsen said during a recap stream.

The former world champion, however, ruled out the possibility of a title match with Gukesh. “I’m not part of this circus anymore,” Carlsen said, maintaining his decision to step away from world championship clashes.

Despite this, Gukesh expressed his admiration for Carlsen, stating his desire to compete against the Norwegian at some point. “Winning the Chess World Championship 2024 doesn’t make me the best player—Magnus Carlsen is still the benchmark. It would be an amazing challenge to face him,” Gukesh said during a press conference.

Gukesh’s victory has been celebrated as a milestone for Indian chess, highlighting the nation’s growing prominence in the global chess arena. Carlsen called it a “massive moment for India,” emphasizing the collective efforts that have fueled such successes.

“This is just the beginning,” Carlsen remarked. “There are many more success stories to come. Gukesh’s win is a testament to the hard work being done in India’s chess ecosystem. It’s heartwarming to see what it means to him and the country.”

With his victory, Gukesh Dommaraju has not only claimed the prestigious title but also set the stage for an exciting new chapter in international chess. As he aims for even greater heights, the chess world watches with bated breath to see how far this young talent will go.

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Actor Allu Arjun arrested over Hyderabad theatre stampede

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Allu Arjun

Telugu superstar Allu Arjun has been arrested in connection with a tragic stampede outside Sandhya Theatre, Hyderabad, which led to the death of a 35-year-old woman and left her young son injured. The incident occurred on December 3 during an unscheduled visit by the actor to a screening of his much-anticipated film, Pushpa 2: The Rule.

The 41-year-old actor was taken into custody from his residence in Jubilee Hills and brought to the Chikkadpally Police Station. Present at the time of his arrest were his father, renowned filmmaker Allu Arvind, and other family members.

Police have registered charges against Mr. Arjun, members of his security team, and the theatre’s management, including culpable homicide not amounting to murder and voluntarily causing hurt. Investigators are focusing on whether the actor had obtained police permission for the visit and his interaction with fans at the venue, which is located in a busy area surrounded by multiple cinema halls.

The stampede unfolded after Allu Arjun and Pushpa 2 music director Devi Sri Prasad made an unannounced appearance at the theatre, attracting a massive crowd. According to Hyderabad Police Commissioner CV Anand, there was no prior notice from the actor’s team or the theatre management about the visit, nor were adequate crowd management measures implemented.

The deceased, identified as Revathi, and her nine-year-old son were caught in the chaos as fans pushed and shoved to catch a glimpse of the star. Police said the pair experienced severe suffocation in the packed crowd before being rescued and rushed to a nearby hospital, where Revathi was declared dead.

The commissioner noted that the lack of separate entry and exit points exacerbated the situation, further highlighting the negligence in planning.

Following the incident, Mr. Arjun moved the Telangana High Court on December 11 to request quashing of the case. However, Hyderabad Police continued their investigation, citing negligence on multiple fronts.

In the wake of the tragedy, Mr. Arjun expressed his grief on social media platform X, stating, “Deeply heartbroken by the tragic incident… My heartfelt condolences go out to the grieving family during this unimaginably difficult time.”

The actor pledged ₹25 lakh as financial assistance to Revathi’s family and assured full coverage of her son’s medical expenses.

Despite his public apology and promises of support, questions remain about the safety measures and planning surrounding the surprise appearance, which turned deadly. Further details are awaited as the investigation continues.

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Privilege motion against Union Minister Kiren Rijiju for calling Opposition MPs unworthy of House

The Union Minister said that if the Opposition cannot respect the chair, then they have no right to be a member of this House.

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Privilege Motion against Union Minister Kiren Rijiju for calling Opposition MPs unworthy of House

Sagarika Ghose, Trinamool Congress MP on Thursday moved a privilege motion against Union Minister Kiren Rijiju for calling opposition MPs unworthy of being in Rajya Sabha.

Reportedly, the notice was endorsed by 60 opposition MPs. This follows a day after Kiren Rijiju, speaking to opposition MPs in Rajya Sabha, said that they all are not worthy of being in this house.

Addressing the media, Trinamool MP Sagarika Ghose said that the Minister for Parliamentary Affairs, Kiren Rijiju, instead of doing his best to run Parliament smoothly, has chosen to repeatedly insult the opposition.

She added that Kiren Rijiju has insulted opposition members and used personal terms both inside and outside Parliament. She continued that this is totally unbecoming of the high office he holds and amounts to total misuse of his position.

In a privilege motion against Union Minister Kiren Rijiju, Trinamool MP accused him of misusing his office and using unparliamentary language against the opposition. Many senior leaders from all opposition parties have signed the motion, she added.

Earlier on Wednesday, Kiren Rijiju criticised opposition members, saying they were not worthy of being in the House. He further defended Vice President and Rajya Sabha Chairman Jagdeep Dhankhar, who has faced opposition attacks.

The Union Minister said that if the Opposition cannot respect the chair, then they have no right to be a member of this House.

Nearly sixty MPs from the opposition INDIA bloc on Tuesday submitted a notice in the Rajya Sabha for a no-confidence motion against Jagdeep Dhankhar. The Opposition accused him of being extremely partisan in his role as chairman of the Upper House.

In the no-confidence motion, Congress Chief Mallikarjun Kharge said that the Opposition have no personal enmity or political fight with him, but want to tell the countrymen that they have taken this step to safeguard democracy, the Constitution, and after giving it a lot of thought.

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