The insolvency and bankruptcy code 2016 (IBC) was enacted on 28th May 2016 which constitutes a key economic reform. The provisions in the IBC relating to Corporate Solvancy came into force on 1st December 2016. After its enactment, the entire regulatory framework and the ecosystem relating to corporate insolvency are in place now and debtors and creditors alike are undertaking corporate insolvency resolution process.
The insolvency and bankruptcy board of India in Association with the three insolvency professional agencies has organised an insolvency and bankruptcy awareness programme at Vadodara, Gujarat on 19th January 2019. With the lead partner, the Indian Institute of insolvency professionals of ICAI( the Institute of Chartered Accountants of India) and the ICSI Institute of insolvency Professionals, and the insolvency professional agency for Institute of Cost Accountants of India, IBC has organised this awareness programme where a large number of stakeholders including professionals, students, business persons, corporates, startups, consultants, bankers and other citizens of India has been participated in this awareness programme.
While inaugurating the awareness program Hon’ble Shri H.P Chaturvedi (Member – Judicial – National Company Law Tribunal, Ahmedabad) detailed the rule of the adjudicating authority in respect of corporate insolvency resolution and liquidation process under the Insolvency Bankruptcy Code 2016. He stated that the insolvency and bankruptcy code is a dynamic law and evolving continuously to meet emerging needs. He further stated that an insolvency professional has a social responsibility and accountability, as the outcome of the resolution process directly or indirectly effects livelihood of many stakeholders as well large number of citizens of India.
During the presentation Sh. Rameshwar Dhariwal Chief General Manager of IBBI has mentioned that as the law is new and there has been considerable learning during last 2 years of its implementation and the law is getting settled with judicial pronouncements.
Insolvency and bankruptcy board of India was established on 1st October 2016 under the Insolvency and Bankruptcy Code 2016. It is a key pillar of the ecosystem for implementation of Insolvency and bankruptcy code that governs the law relating to reorganisation and insolvency resolution of Corporate persons, Partnership firms and individuals in a time bound manner for maximization of the value of Assets of such person entrepreneurship, availability of credit and balance the interests of all the stakeholders as well citizens of India.