India has been admonished and berated for having fallen behind in terms of the development of its corporate economy. In recent years, however, numerous initiatives have been taken to revamp the corporate sector in terms of legal, procedural and ritualistic practices in India. The goods and services tax, the Amended Arbitration and Conciliation Act, labour reform and most essentially the prelude of the Insolvency and Bankruptcy Code, 2016 marked the improvement within the sector.
The Insolvency and Bankruptcy Code has by far been the most crucial and essential piece of legislation that was needed in India’s statutory books. Considering the large number of non-performing assets (NPAs) that the Indian banking system has been afflicted with, the Insolvency and Bankruptcy Code serves as an amalgamated mechanism for dealing with corporate insolvency in India. The desideratum of the Code is to enable effectualness within the insolvency and bankruptcy law regime disentangling the commercial and judicial aspects of insolvency and bankruptcy process.
The Inaugural Directors’ Connect Meet on “Insolvency & Bankruptcy Code, 2016” held on May 9, 2019 at the Claridges, New Delhi focused on the defining role played by the legislation on bolstering the corporate governance framework of the country. The primary goal of the session was to increase the audience’s understanding of the Insolvency & Bankruptcy Code, 2016 and to enhance their abilitiy in navigating through the legal intricacies within the IBC framework.
The event showcased two prolific speakers from distinguished backgrounds. To begin the proceedings, Mr Subhash Chandra Garg, (Secretary, Ministry of Finance, Government of India) delivered the keynote address to the audience in which he elaborated on the Insolvency & Bankruptcy Code, 2016 and its overall impact on bolstering the corporate governance framework of the country.
Next to take the podium was Mr Shardul Shroff, (Executive Chairman, Shardul Amarchand Mangaldas & Co.) who very effortlessly took the audience through the Legal Intricacies of the Insolvency & Bankruptcy Code, 2016, disseminating a tremendous pool of knowledge in a craft fully curated session. Finally, towards the end of the program, the floor opened for an incisive Q&A session in which Mr S.C Garg & Mr Shardul Shroff addressed all the queries from a group of seasoned industry stalwarts coming from a diversified set of industries.
About Directors’ Connect
Directors’ Connect is an exclusive invitation-only networking forum primarily for Board members and Senior C-Suite Level Executives with potential to be Board Members, providing an opportunity to listen to thought leaders and seasoned industry experts on key Corporate Governance issues. It enables them to exchange notes on governance practices in their respective organizations and share insights, perspective and experiences on key issues to fulfil fiduciary responsibilities effectively. This prime initiative is designed to be an interactive boardroom experience sharing platform for business leaders. Important board issues and the challenges facing Indian boards are discussed at the Directors’ Connect networking meetings.