Above: Justice N V Ramana delivering the inaugural address at Legal Leadership Conclave/Photo: Anil Shakya
The first ever Legal Leadership Conclave, organised by India Legal Research Foundation (ILRF) and Supreme Court Bar Association (SCBA) in association with others, began in Mumbai on Saturday with the Insolvency and Bankruptcy Code (IBC) as the topic for discussion. The conclave was inaugurated by the Supreme Court Justice N V Ramana who in his opening remarks said that with the IBC code having been around for three years, it was time to take a look at its functioning. ”The IBC is one of the key reforms in the field of commercial law undertaken in the last two decades and now that it has been around for three years, it is time to reflect on its journey and discuss ways to smoothen its functioning,” he said and added that the object behind enacting the IBC was to consolidate the existing framework by creating a single law for Insolvency and Bankruptcy.
India legal is the first and only weekly, independent politico-legal magazine that covers an entire gamut of legal news and developments in the country and which has constantly endeavoured to promote the cause of legal education. This approach also forms the bedrock of media initiatives of the ENC group, including the widely acclaimed news channels, APN TV and N1 News. The ENC Group takes great pride and responsibility in promoting new ideas, initiatives, and recommendations for the benefit of not only the legal fraternity but also society at large. It is in continuing with this tradition that the Legal Leadership Conclave is being held today. The event is being held in partnership with the Supreme Court Bar Association (SCBA) and India Legal Research Foundation (ILRF), APN TV and Nepal 1.
This event is a launch pad for a series of conclaves being held nationwide on a wide range of contemporary legal issues with the participation of sitting judges of the Supreme Court and High Courts and several other legal luminaries and thought leaders. The SCBA which works tirelessly towards protecting the interests of the Supreme Court lawyers is an important pillar of our legal system. The ENC Group-promoted ILRF, is a non-profit organization which is committed to bring justice to those who deserve it but cannot afford it.
The IBC has emerged as the topic for discussion, the reasons for which are not hard to fathom. The IBC is a major economic reform initiated in the country in recent times to provide for a time-bound insolvency resolution process. Since it was enacted in 2016, as many as 12,000 insolvency cases have been filed under it and around 1 lakh crore rupees have been recovered through insolvency proceedings. Before the introduction of the IBC, it took companies about four to five years to dissolve their operations; now the time has dropped drastically to a year.
However, as with any new legislation, the IBC’s smooth implementation has been riddled with many issues that had not been thought of at the time of drafting the legislation. Some of these issues have been addressed by way of legislative amendments and court orders while many more are up for discussion at the daylong conclave.
The line of speakers at the conclave includes some of the best authorities to speak on the subject. Other than Justice NV Ramana of the Supreme Court, among those who are slated to speak are: PK Malhotra, former law secretary; Justice BN Srikrishna, former SC judge; Editor-in-chief, India Legal, Inderjit Badhwar; Justice Pradeep Nandrajog, chief justice of the Bombay High Court.
There are two sessions at the Conclave:
Technical Session I; Subject: Opportunities and Challenges for IBC
The speakers at the session include Mukulita Vijayawargiya, member (IBBI); VP Singh (NCLT member); Mohan Bhaskar Pantulu (NCLT member); TK Viswanathan, former secretary general, Lok Sabha; and Som Sekhar Sundaresan, advocate. Justice BR Gavai of the Bombay High Court will chair the panel
Technical Session II; Subject: Impact of IBC on business establishments and the real estate sector
The speakers at this session are: Ravi Kumar Duraisamy (member NCLT); Justice J Bharati Dangre of the Bombay High Court; Justice V. Nallasenapathy (member NCLT); Soli Cooper, advocate; OP Bhatt, director ONGC and ex-chairman IBA; Jana Kalyan Das, senior advocate and senior executive member SCBA; and former SCBA president PH Parekh. Justice Dangre is the chairperson of the session
There are two rounds of Q&A where discerning questions are likely to asked related to IBC
This is being attended by Justice Nandrajog, Justice Ramana and senior advocate Janak Dwarka Das. Justice Ramana will conclude the event
The Vote of Thanks will be delivered by Badhwar
Read the full speech of Justice N V Ramana here.
—India Legal Bureau