PHD CHAMBER ORGANIZES AN INTERFACE ON INSOLVENCY AND BANKRUPTCY CODE 2016

Chairperson, Insolvency and Bankruptcy Board of India, Dr. M S Sahoo on Tuesday indicated that the Board is willing to consider amendments to Insolvency and Bankruptcy Code 2016 provided it is assured that the insolvency professionals are not seeking to standardize solutions for every problem.

Speaking at an Interface on Opportunities & Challenges for Insolvency Professionals under the Insolvency and Bankruptcy Code, 2016 under aegis of PHD Chamber of Commerce and Industry here today, Mr. Sahoo called upon the insolvency professionals to render their services with utmost responsibility coupled with the display of highest codes of integrity.

He admitted that the existing Insolvency and Bankruptcy Code 2016 may have certain gaps although the codes have been put in place with due diligence and intense public discourse with all concerned stakeholders and if needed, the Board could still consider amendment to them provided the demand for such an initiative a justified on all grounds.

Chairperson, National Company Law Appellate Tribunal, Justice S J Mukhopadhya who presided over the interface, however, added that wherever insolvency and bankruptcy laws are silent on resolution, a suitable solution should be worked out and appealed the insolvency professionals to perform their action in a balanced manner so that equitable justice is obtained.

In his remarks Sr. Vice President, PHD Chamber, Mr. Anil Khaitan observed that in changing times although the government has put in place insolvency and bankruptcy laws to address the related problems but if necessary suitable amendments on them could be thought of to cater to the need of evolving scenario in the corporate world.

Among others who spoke on the occasion comprised Chief Executive Officer (Designate)-ICSI IPA, Ms. Alka Kapoor; Chairman and Co-Chairman, Banking Committee, PHD Chamber, Mr. Sanjeev Gupta and Mr. Ashish Agrawal.