Ethical conduct of insolvency resolution professionals is crucial for the insolvency resolution process,” said the chief guest (Retd) Justice Sudhanshu Jyoti Mukhopadhaya, chairperson, National Company law Appellate Tribunal while inaugurating the interface on the Opportunities and Challenges for Insolvency Professionals under the Insolvency and Bankruptcy Code, 2016 organised by ICSI Insolvency Professionals Agency in New Delhi recently in association with PHD Chamber of Commerce and Industry.
Justice Mukhopadhaya discussed thought provoking cases filed before NClAT and other scenarios under the purview of the Insolvency and Bankruptcy Code, 2016 which required deliberation between the various stakeholders and the panellists present there.
He referred to the period of initial 30 days of Corporate Insolvency Resolution Process as crucial during which major decisions like finalisation of claims, constitution of Committees of Creditors etc takes place.
“Customised solution is not available for every problem and application of mind is critical,” said the guest of honour MS Sahoo, chairman IBBI, while referring to the dynamism involved in the Insolvency Resolution Process. He spoke about the role of IBBI and IPAs, as regulators, process of consultation in drafting new regulations under the Code etc while referring to the importance of Institutions such as NClT, NClAT, IBBI, IPAs, IPEs etc that helps in developing mature market economy.
The interface was attended by eminent jurists, bureaucrats, high ranking bankers, professionals including insolvency professionals, company secretaries, lawyers et al.