2nd ICSI-IGIDR Roundtable on Elements of a sound bankruptcy process

23rd March, 2015
Sofitel, BKC, Mumbai

In continuation of the work of the T K Viswanathan Committee on Bankruptcy Law Reform, the 2015 budget announced a proposal to bring about a comprehensive Bankruptcy Code in fiscal 2015-16 that will meet global standards. For enterprises, effective resolution of insolvency requires two critical elements to be present and functioning:

  1. A legislative framework for insolvency resolution, with provisions for court driven and out-of-court resolution; and
  2. Institutions that support the legislative framework. These include courts, insolvency professionals (IPs) and information systems.
This roundtable, the second in a series of insolvency reform roundtables, proposes to discuss two main themes. The first is to understand the steps, time and costs involved in insolvency related procedures in India. This will enable the development a performance evaluation framework to assess the effectiveness of an insolvency regime. The second is with regard to two institutions that support the insolvency reform framework, IPs and credit information systems. Worldwide, IPs act as a bridge between creditors and debtor and in many jurisdictions also as officers of the court. Credit information systems play a role in the resolution of enetrprise insolvency as well as ex ante in the monitoring of debt contracts. The effectiveness of these institutions impact both the time taken and the cost of resolving enterprise insolvency.


10:00 - 10:15 An overview
Susan Thomas, IGIDR, FRG
10:15 - 10:45 Steps and challenges in insolvency procedures: A review of cases [presentation]
Aparna Ravi, CLPR
10:45 - 11:15 Credit information system and institutions [presentation]
Ajay Shah, NIPFP
11:15 - 11:45 Role of insolvency professionals [presentation]
Anjali Sharma, IGIDR, FRG
11:45 - 12:45 Panel discussion
Debanshu Mukherjee, Vidhi Center for Legal Policy
Badri Narayan, Third Eye Capital
Ajay Shah, NIPFP
M R Umarji, IBA
12:45 - 13:00 Closing remarks
Susan Thomas
13:00 Lunch