Insolvency and Bankruptcy Code to give boost to economy: IBBI Chairperson M.S. Sahoo

Insolvency and Bankruptcy Code to give boost to economy: IBBI Chairperson M.S. Sahoo


H2Life Foundation organises day-long conference on “Insolvency and Bankruptcy Code 2016: Achievements, Challenges and the Way Forward”


NEW DELHI, APRIL 15, 2017:
Dr. M.S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI) has said that it was a historic day when Insolvency and Bankruptcy Code 2016 was passed by Parliament. “Authorities have worked really fast in bringing this law. We are also ready for changes in the resolution as per the need of the hour. This law will give a boost to the economy,” he said while addressing the inaugural session of day-long conference on “Insolvency and Bankruptcy Code 2016: Achievements, Challenges and the Way Forward”. He complimented H2 Life Foundation, a not-for-profit organisation focused on public policy and advocacy, for organizing the event.

Mr. Narendra Bhola, Director General, Ministry of Corporate Affairs said “Earlier the process of insolvency took very long but with the new Code it would take much less time thereby clearing bad debts from the market.”

Mr. P. Balaji, Director Regulatory, Vodafone India said “The government has done a lot for changing the face of India, the new code would ensure protection of investment, time bound resolution and reducing the multiplicity of laws.”

Mr. Vikas Sharma, President, H2 Life Foundation: “The insolvency and bankruptcy code is a path breaking law, one of the biggest reforms next to GST, which would not only streamline the insolvency process but, will also help in boosting business growth of the country.”

Mr Vikas Sharma, President H2 Life Foundation welcoming Dr MS Sahoo, Chairman IBBI

H2 Life Foundation President Vikas Sharma welcoming Dr MS Sahoo, Chairman. IBBI

The Insolvency and Bankruptcy Code passed by the Parliament on 28th May 2016, is a welcome overhaul of the existing framework dealing with insolvency and bankruptcy conditions of the corporates, individuals, partnerships and other entities. It paves the way for much needed reforms while focusing on creditor driven insolvency resolution.

The conference witnessed a massive participation of delegates from varying fields which included Members of Parliament, economists, representatives from Financial Institutions, lawyers, chartered accountants, cost accountants, company secretaries, corporates, diplomats, think-tanks, and media personnel.

Through the conference, H2 Life Foundation endeavored to spread awareness about the Insolvency and Bankruptcy Code 2016.

In the valedictory session, MP Sushmita Dev said, “I am thankful to H2 Life Foundation for organizing the event on Insolvency and Bankruptcy code 2016, I am positive that the new code would give an impetus to the insolvency process, startup initiatives and economy of the country.”

Emphasizing on the benefits of the new resolution process, Mr. Vikas Sharma, President, H2 Life Foundation said, “The new code is a welcome step in organizing and streamlining the insolvency and bankruptcy process which on an average took around 4 years, but, with the implementation of the new code it will be resolved within a year.”

Mr. Sharma also gave a vote of thanks to the participants and said, “I am indebted and thankful to all the delegates who attended the conference. I am positive that the interactive session with Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India has brought clarity on the Code, in everyone’s mind. We would also be releasing a white paper on the conference which was held today, and hope to organize similar events in the future.”


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