Odisha has shifted its focus from mining based industrialisation to manufacturing based development with thrust on textile, IT, food processing, plastic, transport and related downstream industries, besides new start up based entrepreneurship. That is why, the State’s pet capita income and GSDP are much ahead of national average, said Finance and Excise Minister Shashi Bhushan Behera while inaugurating a national conference on ‘Insolvency and Bankruptcy Reforms: Code Demystified’ organised by the Indian Chamber of Commerce (ICC) here on Saturday.
“Because of political stability and economic progress coupled with uninterrupted rule led by Chief Minister Naveen Patnaik, the ease of doing business has become a reality followed by favourable policies and industrial climate,” said Behera.
Setting of the Insolvency and Bankruptcy Board of India is an important milestone after GST. This is a major reform initiative as far as advancing development is concerned, stated Behera.
While speaking on the corporate transparency and safety of operational and financial creditors, Insolvency and Bankruptcy Board of India Chairman Dr MS Sahoo said through setting up the board, there is endless hope as the narrative changed from promoter driven to creditor driven.
“Since its inception from October 1, 2016, any company defaulting to financial or operational creditors will be seriously dealt with,” said Sahoo.
He added, “We have recovered Rs 60,000 crore loan through 40 closed cooperate regulations, out of 1,100 companies admitted to the board.”
A technical session on ‘Transformational legislation and its impact on the business and post acquisition management’ was also organised during the conference. The session was chaired by Dr Sahoo and among others, Insolvency professional SS Sonthalia and advocate Richa Saraf spoke on various aspects of insolvency and bankruptcy provisions.
National Head of Restructuring Services of Grant Thronton India Ashish Chhawachharia, Convenor of Finance and Taxation Panel of ICC AK Sabat also spoke.
Co-Chairman, ICC Odisha Expert Committee and mentor JB Pany coordinated.