With the bankruptcy code in place, now doing business would be easy. The companies now have the freedom to do business or have the freedom to exit business, said Nalco Chairman and Managing Director (CMD) Tapan Kumar Chand here on Sunday.
Inaugurating a national seminar on “Insolvency and Bankruptcy Code” -2016 jointly organised by the Institute of Company Secretaries of India (ICSI) and the IBBI, Dr Chand said this is a major step after GST. Earlier, the staffs and workers had to wait for years when companies become insolvent. Now the dues can be cleared fast. This is a new beginning for the industry.
IBBI Chairman MS Sahoo said the purpose of organising the seminar is to create awareness on the bankruptcy code. Now the liquidation process of companies would be easier. like other professionals there will be requirement for insolvency professionals. Cost accountants, company secretaries, chartered accountants and lawyers with 15 years experience and having skills in corporate management can become insolvency professionals.
The exposure in running a company will be an added advantage. When a company becomes insolvent, they can replace the existing management and given charge to run the company. They can even become the managing director of the company, Sahoo said. Among others, ICSI president Mamta Binani also spoke. ICSI, Bhubaneswar chapter chairman Ashok Kumar Mishra and vice-president Priyadarshi Mishra were present.