IBC AS THE MOST PROGRESSIVE REFORMS POST ECONOMIC LIBERALIZATION: SAHOO

New Delhi—(PHD Chamber)————-Chairperson, Insolvency & Bankruptcy Board of India, Dr. M S Sahoo on Wednesday heaped bundle of praises on the judiciary in particular in its progressive support for matters arising out of Insolvency & Bankruptcy Code (IBC) and its swift disposals towards them.

Addressing a Seminar on Insolvency and Bankruptcy Code under aegis of PHD Chamber of Commerce and Industry here today, Dr. Sahoo described laws relating to IBC as the most progressive among all laws effected and enacted post economic liberalization.

According to him, the domestic judiciary has been quiet supportive in dispensing matters that arose on issues relating to IBC and hoped that the Indian IBC would evolve gradually to its potential.

He, however, added that the Committee of Creditors would take a call on all commercial matters relating to liquidation, emphasizing that the Insolvency & Bankruptcy Board of India is generally of the view that the value of enterprise be always higher as compared to the worth of liquidation.

In his opening remarks, Chairman, Corporate Affairs Committee, PHD Chamber, Dr. Lalit Bhasin also hoped that laws relating to IBC would evolve gradually to the best satisfaction of all stakeholders and proposed regular interaction of industry with Insolvency & Bankruptcy Board of India for larger clarity and objectivity.

Among others who were present on the occasion comprised Mr. Satwinder Singh, ICSI; Partner, Khaitan & Co., Mr. Ashwin Bishnoi; Partner, Lakshmikumaran & Sridharan, Mr. Abir Roy and Co-Chairmen of Corporate Affairs Committee, PHD Chamber, Dr. S Chandrasekaran and Mr. P K Rustogi.

Koteshwar Prasad Dobhal
Consultant (PR)