Indian Seafarers to be honored for Exceptional Bravery at Sea by IMO (See 'Corp Brief') Union Minister & MOS visit Visakhapatnam Steel Plant (See 'Corp Brief') SARFAESI - laying down of heavy electrical transmission lines on a piece of land is justified in larger public interest, even when value of property would substantially depreciate : HC (See 'Legal Desk') IICA inaugurates 3-Day Directors' Certification Master Class in Ooty (See 'Corp Brief') Chouhan reviews progress of Kharif sowing (See 'Corp Brief') SARFAESI Act - DRT has no discretion to override provisions of Limitation Act and SARFAESI Act : HC (See 'Legal Desk') Paradip Port sets new record with 41.12 mn MT of Cargo Handling in First 100 Days (See 'Corp Brief') India leads Global Maritime Discourse at IMO Council Session in London (See 'Corp Brief') Companies Act - Applicant company is shell company and has attempted misappropriation of funds : HC (See 'Legal Desk') Network Planning Group evaluates five key infrastructure projects (See 'Corp Brief') IBC - Status of Financial Creditor as Assignee of Bank cannot be questioned by Appellant : NCLAT (See 'Legal Desk') IICA inaugurates 6th batch of Post Graduate Insolvency Programme (See 'Corp Brief') Govt clarifies on Biometric Aadhaar Authentication of LPG Consumers (See 'Corp Brief') Prevention of Corruption Act - PIL is not maintainable as Court in writ jurisdiction cannot remove or dismiss anyone from post of CM of NCT of Delhi : HC (See 'Legal Desk') Union Minister congratulates Assam for being best under PMSvanidhi (See 'Corp Brief') Khadi & Village Industries turnover crosses Rs 1.5 Lakh Crore for First Time (See 'Corp Brief') Arbitration Act -Writ petition is not maintainable as it does not fall under any of category to entertain writ petition : HC (See 'Legal Desk') Secretary reviews PSSCIVE's Bagless Days Guidelines (See 'Corp Brief') SEBI Act - Present appeals can be tagged with companion appeal filed by SEBI : SC (See 'Legal Desk') Manohar Lal reviews Power Sector schemes and projects in Arunachal Pradesh (See 'Corp Brief') Cr PC - order is liable to be set aside as Magistrate exceed its jurisdiction : HC (See 'Legal Desk') 6.2 Crore net subscribers joined EPFO between Sept, 2017 - March, 2024 (See 'Corp Brief') Competition Act - Matter can be set aside as Informant failed to provide clarification/comments as needed by CCI : CCI (See 'Legal Desk') Pre-Budget consultation concludes (See 'Corp Brief') Trade Marks Act - For purpose of Order VII Rule 10 of CPC, only averments made in plaint are required to be examined : HC (See 'Legal Desk') Registration Act - Documents in absence of registration and stamping are inadmissible in law : HC (See 'Legal Desk')

IICA inaugurates 6th batch of Post Graduate Insolvency Programme

Published: Jul 10, 2024


By TIOLCorplaws News Service

NEW DELHI, JULY 10, 2024: THE Indian Institute of Corporate Affairs (IICA), Ministry of Corporate Affairs, inaugurated the sixth batch of its flagship Post Graduate Insolvency Programme (PGIP) in Manesar, on 8th July 2024. The ceremony was graced by distinguished luminaries including Hon'ble Justice S. Ravindra Bhat, Judge, Supreme Court of India (Retd.), Dr. Ajay Bhushan Prasad Pandey, Director General and CEO, IICA & Chairperson of National Financial Reporting Authority, Dr Alok Srivastava, Former Technical Member, NCLAT, Sudhaker Shukla, Whole Time Member of IBBI, and Dr. K.L Dhingra, Head of the Centre for Insolvency and Bankruptcy at IICA.

In his inaugural address as the Chief Guest, Hon'ble Justice S. Ravindra Bhat highlighted the journey of IBC over the last eight years and compared the objectives of IBC, 2016 with RDB Act 1993 and SARFEASI Act 2002 and how the earlier laws were fragmented. The role of NCLT, NCLAT, CIRP, the role of IPs under IBC and its unified & time-bounds process were highlighted. The Hon'ble Justice also spoke about the importance of an efficient resolution process, prioritisation, and the importance of CIRP over Liquidation. The Chief Guest also flagged the challenges before the IBC, 2016 such as timely resolution, infrastructure issues, resolution and recovery etc. He further touched upon the role of IPs including the skill sets required by them such as Resolution and Negotiation Skills, Management Skills and their role in collecting claims, assets, finances, constitution of CoC, regulating the voting process in CoC and changes in credit culture post introduction of IBC 2016 in India.

Dr. Alok Srivastava, former Union Secretary, Law & Justice and former Member (Technical), NCLAT, shared his experience about the IBC matters and also highlighted the IPs role as a fulcrum in the entire resolution process. He spoke about the ease of doing business, the law of limitation, and related party transactions that were addressed in the IBC process besides covering the IBC model borrowed from the UK Common Law system.

In his address on the occasion, Mr. Sudhaker Shukla, WTM of IBBI, highlighted the observations of the Prime Minister of India on the recent occasion of the 90 th Anniversary of the RBI wherein the PM spoke on the ‘strategy of recognition, resolution and recapitalisation'. He said that the problem of twin balance sheets is a problem of the past. Mr. Shukla also mentioned that the success of IBC can be seen from the number of Resolutions (close to 1000) during the current year, the number of Withdrawal of Applications under IBC and 131 percent of resolutions over liquidations from the last 8 years. He also stated that the creation of IBBI as a regulator for Insolvency and Bankruptcy and the PGIP for the young professionals are the first of its kind innovations.

Dr. K.L Dhingra, Head of the Centre for Insolvency and Bankruptcy narrated the success stories of PGIP alumni and the role of this course in the Insolvency and Bankruptcy space; and the role of ethics in the resolution process.

Earlier, in his welcome address, Dr. Ajay Bhushan Prasad Pandey, DG and CEO of IICA, spoke about the robust insolvency framework and the bedrock for a healthy credit culture it provides to creditors. He said that insolvency resolution is the key to unlocking productive assets and preventing value destruction. He also highlighted the pivotal role insolvency professionals play in maintaining public faith in the financial system. He also stated that the IBC has much larger objective of contributing to strengthening the national economy, as compared to being used as a tool for NPAs' resolution.

The inauguration of the sixth batch of the Post Graduate Insolvency Programme at IICA signifies a commitment to create young and skilled professionals for excellence and leadership in the field of Insolvency and Bankruptcy in India. The programme has been received very well by the different stakeholders in India, after its start in the year 2019.

The start of Post Graduate Insolvency Programme at IICA represents a concerted effort of IBBI and IICA to enhance knowledge and expertise in corporate insolvency and bankruptcy. It aims to equip participants with advanced skills and insights crucial for navigating the complexities of corporate restructuring and insolvency proceedings. Dr. Pyla Narayana Rao, Associate Professor, IICA proposed a vote of thanks in the programme.