Round Table Industry Expert Meeting
Issues In Implementation Of IB Code 2016
08th May 2018, Hotel The Claridges, New Delhi.
Round Table Session Chairman
Dr. M.S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI)
Greetings From ASSOCHAM,
The IB Code 2016 (“The Code”) is a landmark piece of legislation amongst a horde of path breaking reforms brought in by the current Government. This single piece of legislation has allowed us to jump several places in the world ranking on ease of resolving insolvencies. The intent of the Code has been clearly based out of the Bankruptcy Law Reforms Committee Report of November 2015 which laid the foundation for the IB Code. Based on BLRC recommendations, The IB Code empowers the financial creditors / lenders (Committee of Creditors (CoC)) with exclusive rights and privileges in the CIRP and authorizes them solely to decide the fate of the corporate debtor and its other stakeholders such as the unsecured creditors, equity shareholders, employees and workers, etc…. whether revival or liquidation. However, While the BLRC Report specifically highlights the duties and responsibilities of the CoC members and its reasoning’s behind putting all the powers in the hands of financial creditors, the same is missing from the final piece of IB Code or its regulations. Based on last 15 months of the functioning of IB Code, it would help if the Board could issue Regulations providing for the duties and responsibilities of COC members making them accountable for their decisions which they take during the course of the resolution process since they owe a fiduciary duty to all the other stakeholders as well.
To address these issues in the interest of the economic development of the nation and to prevent liquidation of the viable companies, an immediate intervention is required by way of issue of urgent guidelines or regulations to regulate the CAC members.
In this backdrop, ASSOCHAM with Insolvency & Bankruptcy Board of India (IBBI) is conducting a round table meeting on IBC for discussing some of the major challenges and issues being faced under the IB Code 2016 and a possible alternative plan. The round table meeting will be addressing the concerns over the Ordinance on IB Code 2016, No incentive to Banks, Accountability, IRPs and many other key issues.
· Insolvency Professionals
· Financial Institutions
· Government Officials and Regulators
· Real Estate Investors
· Tax Consultants and CAs
· Asset Reconstruction Companies
· Law Firms
Key Areas of Discussions:-
· Proposal for Invoking Personal Guarantee in Insolvency Resolution
· Staggering of MTM Hit
· Ordinance on IB Code 2016
· No incentive to Banks
· Quorum & Voting at CoCs
· Dissenting Financial Creditors
· Payment to Operational Creditors
The deliberations at this highly interactive round table session will serve as a game-changer and help authorities in addressing the apprehensions and issues raised by different stakeholders.
We are pleased to inform you that Dr. M.S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI) has very kindly agreed to be the session chairman for this round table meeting.
In this regard, We would like to invite you as per the attached registration form to attend the round table meeting schedule to be held on 08th May 2018 at Hotel The Claridges, New Delhi
Your participation would add immense value to the content of the conference.
We look forward for your kind confirmation.
The Associated Chambers of Commerce and Industry of India
Banking & Financial Services,
5, Sardar Patel Marg, Chanakyapuri,
New Delhi – 110021
Phone: +91- 11- 46550624
Fax: +91- 11- 46536481/82