India far more urban in functional terms than official definitions: Survey (See 'Corp Brief') Economic Survey lays stress on swadeshi for strategic resilience (See 'Corp Brief') 5G services now available in over 99% districts (See 'Corp Brief') Survey asks States to focus on entrepreneurial policy making (See 'Corp Brief') Health insurance accounts for 41% of Gross Domestic Premium (See 'Corp Brief') 'Vande Mataram', 'Anand Math', 'Atulya Bharat' tunes to regale audience at Beating Retreat ceremony (See 'Corp Brief') IBC - NCLT can't decide title disputes over assets, including IPRs such as trademarks, unless they have direct & proximate nexus with insolvency resolution process: SC (See 'Legal Desk') Youth Lead Democracy: Model Youth Gram Sabha Awards Conferred in Delhi (See 'Corp Brief') Misc - Execution sale during pendency of insolvency proceedings held void; Official Receiver can seek annulment even without expressly invoking Section 56: HC (See 'Legal Desk') Union fisheries secretary engages shrimp farmers, boosts scientific innovation in aquaculture (See 'Corp Brief') Learjet 45 aircraft VT-SSK crash at Baramati Airport of M/s VSR Ventures PVT LTD (See 'Corp Brief') SAFEMA - contravention of Sections 3(d) and 7(1)(a)can be established based on documentary evidence & circumstantial corroboration applying the standard of preponderance of probabilities, even in absence of direct evidence of cash payment: SAFEMA (See 'Legal Desk') CCI nod to acquisition of certain shareholding of Toyota Industries Corp (See 'Corp Brief') Department of Posts signs Agreement with Stock Holding Services Limited for access to capital market services (See 'Corp Brief') MSME beneficiaries invited as special guests for R-Day celebrations (See 'Corp Brief') IBC - Resolution Professionals under IBC are public servants under Prevention of Corruption Act: HC (See 'Legal Desk') Govt approves Wage Revision & Pension Revision for PSGICs, NABARD and RBI (See 'Corp Brief') ICAR-Borlaug Institute jointly organise NICRA Review and ACASA-India Launch Workshop (See 'Corp Brief') SEBI - Failure to make timely disclosure of material developments relating to a proposed scheme of arrangement & delayed disclosure of outcome of board meeting constitutes violation of LODR Regulations: SEBI (See 'Legal Desk') Sundays on Cycle to celebrate National Voters' Day through #MYBharatMYVote (See 'Corp Brief') India is Partner Country at Gulfood 2026 for First Time (See 'Corp Brief') PMLA - Offence of money-laundering is independent offence regarding process or activity connected with proceeds of crime which had been derived or obtained as result of criminal activity relating to or in relation to scheduled offence: SAFEMA (See 'Legal Desk') NHA Organizes Federated Intelligence Hackathon for Healthcare at IIT Kanpur (See 'Corp Brief') NIFT Conference 2026 on 'Design for Inclusive Futures' Opens at NIFT Mumbai (See 'Corp Brief') Trade Mark - permanent injunction allowed on use of certain Trade Mark, which is visually, phonetically & structurally similar to an existing trade mark, which also has considerable goodwill: HC (See 'Legal Desk') MSDE signs landmark MoU with WEF to deepen Cooperation in Vocational Education (See 'Corp Brief') IBC - Valuation report submitted by RV serves as critical document for Committee of Creditors to take crucial decision about resolution plan in CIRP and reserve price of asset during liquidation: IBBI (See 'Legal Desk') Ministry of I&B Tableau showcases Vision of WAVES (See 'Corp Brief') IBC - If attachment action may jeopardise resolution plan and cause grave prejudice to interest of homebuyers, matter needs further consideration: HC (See 'Legal Desk') Scindia chairs Q3 Business Review to Fast-Track India Post's transformation (See 'Corp Brief') Trade Marks - Hermes, Birkin marks - suit for infringement allowed, as both marks are well-recognized & consistently used: HC (See 'Legal Desk') CCI embraces government monopolies and PSUs (See CORP EINSICHT)

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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.

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