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Saturday, July 20, 2024

6TH BATCH OF PGIP AT IICA GETS AN OVERWHELMING START

Manesar, Delhi NCR, India (Page 3 News Worldwide) :–The Indian Institute of Corporate Affairs (IICA), under the aegis of the Ministry of Corporate Affairs inaugurated the sixth batch of its flagship Post Graduate Insolvency Programme (PGIP). The ceremony was graced by distinguished luminaries including Hon’ble Justice Sh. 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, Shri Sudhaker Shukla, Whole Time Member of IBBI & Dr. K.L Dhingra, Head of the Centre for Insolvency and Bankruptcy at IICA.

In his inaugural address, the Chief Guest – Hon’ble Justice S. Ravindra Bhathighlighted 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, prioritization, 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. Ajay Bhushan Prasad Pandey, DG and CEO of IICA and Chairperson NFRA, while welcoming the Chief Guest, distinguished speakers and the students 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.

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.

Mr. Sudhaker Shukla, WTM of IBBI, in his address, highlighted the observations of the Hon’ble Prime Minister of India, Shri. Narendra Modi on the recent occasion of the 90th Anniversary of the RBI wherein the PM spoke on the “strategy of recognition, resolution and recapitalization”. 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.

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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