The Merchants’ Chamber of Commerce and Industry [MCCI] hosted an Interactive Session with Dr Navrang Saini, Acting Chairperson, Insolvency and Bankruptcy Board of India on 13 November 2021 at the Chamber premises. The event was attended by Shri S M Gupta, President, NCLT Kolkata Bar Association, Shri Vivek Agarwal, President, Association of Corporate Advisers & Executives, Shri Gopal Khetan, Joint Secretary, B B D Bag CA Study Circle, representatives from SBI, IP professionals and others.
Speaking at the Session, Shri Aakash Shah, President, MCCI, stated that The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 is particularly relevant for smaller distressed business, owing to the otherwise considerable amount of time and cost spent in pursuing bankruptcy proceedings. These amendments are more relevant given that the definitions of MSMEs were amended in 2020 to bring more businesses under its ambit. The revised definition effectively means that nearly 99 percent of all businesses registered under GST now qualify as MSMEs.
Dr. Navrang Saini, Acting Chairperson, Insolvency and Bankruptcy Board of India talked about the evolution of the Insolvency Professional as a new profession. While drawing from acting CA, CS, Legal professionals with certain stipulated criterion, the authority has now started its own Graduate Insolvency Programme and the first batch of graduates have recently turned professional.
Dr Saini explained that an Insolvency Professional (or IP) takes on a very important role of CEO or leadership of the company under resolution and is thus often referred to as the pillar o fulcrum of the profession. Therefore, integrity, Confidentiality and other such values are very critical for professionals. He also informed that presently there are 3903 registered Insolvency Professionals and 4438 Valuers with IBBI.
Dr, Mamta Binani, Chairperson, Council on Legal Affairs, MCCI, as the moderator for the session informed the house that the NCLT Board in Kolkata has resolved 3034 cases till date, despite the several operational challenges.
The session witnessed active participation from attendees who discussed at length on issues regarding, delays and their root causes, issues pertaining to present provisions and guidelines, and general matters on how best to improve upon the process of insolvency and settlement.
The Session ended with a hearty Vote of Thanks given by Dr. Jiban Chakraborty, Co-Chairman, Council on Legal Affairs, MCCI.
(Inputs by Pratyusha Mukherjee)