New Delhi: 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 attended by distinguished luminaries including 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, Justice S. Ravindra Bhat highlighted the journey of IBC over the last eight years and compared the objectives of IBC, 2016 with the RDB Act 1993 and SARFEASI Act 2002, noting the fragmented nature of earlier laws. He emphasized the unified and time-bound process of IBC, the role of NCLT, NCLAT, and IPs, and stressed the importance of efficient resolution processes and the prioritization of Corporate Insolvency Resolution Process (CIRP) over liquidation. The Chief Guest also discussed challenges facing IBC, 2016 such as timely resolution, infrastructure issues, and changes in credit culture post-introduction of IBC in India.
Dr. Alok Srivastava, former Union Secretary, Law & Justice and former Member (Technical), NCLAT, shared his experiences regarding IBC matters and highlighted the pivotal role of IPs in the resolution process. He discussed aspects like ease of doing business, laws of limitation, and related party transactions addressed under IBC, drawing parallels with the UK Common Law system.
Mr. Sudhaker Shukla, WTM of IBBI, in his address, referred to the Prime Minister's observations on the strategy of recognition, resolution, and recapitalisation during the 90th Anniversary of the RBI. He highlighted the decline of twin balance sheet problems and the success of IBC through significant resolutions and withdrawals of applications, emphasizing IBBI's role as a regulator and the innovative PGIP for young professionals.
Dr. K.L Dhingra, Head of the Centre for Insolvency and Bankruptcy, narrated success stories of PGIP alumni and discussed the course's role in fostering ethical practices within the insolvency and bankruptcy sector.
In his welcome address, Dr. Ajay Bhushan Prasad Pandey, DG and CEO of IICA, underscored the robust insolvency framework's role in promoting a healthy credit culture and unlocking productive assets. He emphasized the critical role of insolvency professionals in maintaining public trust in the financial system and highlighted IBC's broader objective of strengthening the national economy beyond NPAs resolution.
The inauguration of the sixth batch of the Post Graduate Insolvency Programme at IICA reflects a commitment to nurturing young professionals equipped with leadership and expertise in India's Insolvency and Bankruptcy landscape. The programme has garnered positive feedback from stakeholders since its inception in 2019.
This initiative by IBBI and IICA aims to elevate knowledge and skills in corporate insolvency and bankruptcy, preparing participants to navigate the complexities of corporate restructuring and insolvency proceedings effectively. Dr. Pyla Narayana Rao, Associate Professor, IICA, delivered the vote of thanks at the programme.
/BI
