History and Restructuring
INSOL India was conceived on September 27,1997 at a get together of lawyers and judges hosted by Arun Jaitley, Senior Advocate, presently, Union Minister of Finance, Defence and Corporate Affairs at the instance of Justice D.P. Wadhwa, the then Judge, Supreme Court of India. Justice Wadhwa was the only member of INSOL International from India at that time. A committee comprising of Arun Jaitley and Sumant Batra drafted the Charter of INSOL India setting down, amongst others, the aims and objectives of INSOL India, the categories and eligibility criteria of membership. Justice Manmohan Sarin, then a Judge of High Court of Delhi was unanimously nominated as the first President of INSOL India and Sumant Batra as the Founder Secretary of INSOL India.
The task of negotiating the terms of membership of INSOL India with INSOL International and the use of word `INSOL' in the name of the association was successfully achieved under the leadership of Justice Wadhwa and Justice Sarin supported by Mr. Sumant Batra. The matter was taken up with the then President of INSOL International, Mr. R. Gordon Marantz, Q.C. Later on Mr. Richard C Turton, Past President of INSOL International and Miss Claire Broughton, Executive Director of INSOL International met Mr. Sumant Batra in 1998 to discuss the various modalities of membership and how the two Associations could be of mutual benefit to each other. Justice Wadhwa and Justice Sarin discussed the matter further with them at Auckland conference. INSOL India finally became the member of INSOL International in August 1999.
The formation of INSOL India fulfilled the long cherished desire of the members of the legal fraternity, chartered accountants, company secretaries and other persons, bodies and institutions in India, to have an association to promote closer co-operation, exchange of ideas, dissemination of information and an empathetic understanding of law of insolvency and related laws.
The organisation grew formidably under the leadership of its successive Presidents.
- Justice Manmohan Sarin
- Justice A.K. Sikri
- Justice Sanjay Kishan Kaul
- Justice D.P. Wadhwa
- Arun Jaitley
INSOL India went through a major restructuring in June 2016 after enactment of the Insolvency and Bankruptcy Code in May 2016. Its vision, mission and goals were re-chalked to align with eco-system proposed under the new law. A new governing structure was approved that complimented the needs of INSOL India in its new avatar of an organisation aspiring to play leadership role in the dynamic and vibrant insolvency industry expected to develop rapidly in the country.