Welcome to INSOL India Newsletter Volume I, Issue July | Jul 21, 2017

Greetings and warm welcome to all INSOL India members and friends! The operationalisation of the provisions of the Insolvency Code applicable to corporate persons has led to rapid developments in the area of Insolvency Law in India. The swiftness exhibited by IBBI in providing the regulatory framework coupled with all their initiatives to develop an enabling ecosystem for implementation of the Insolvency Code is indeed commendable.
 

The NCLAT and NCLT benches have contributed to the evolution of jurisprudence on the Insolvency Code, which will aid all the stakeholders going forward. While steps have been initiated for an effective Insolvency framework to evolve, it is in our hands, as stakeholders, how meaningfully we aid and contribute to the evolution of this framework. Insolvency resolution is a collective process and interests of all stakeholders have to be balanced. A sound and well-developed Insolvency Law regime is the key to promote entrepreneurship and availability of credit for growth of India as an economy. Therefore, as stakeholders, we all have a duty to work towards realising the objective of the Insolvency Code and to ensure that it is not solely used as a tool for debt recovery. By way of this newsletter, we are delighted to establish this channel of communication between INSOL India and its members. In this maiden issue, we have set out features to apprise the members about various activities undertaken by INSOL India, information about key events and updates on development of Insolvency law regime. We hope that you will find the newsletter helpful. We plan to make it a two-way conversation and the Editorial Board will soon reach out to the members to obtain inputs and contributions in accordance with the newsletter policy.

I am thrilled to be part of the first issue of INSOL India E-Newsletter to be posted to our members. The first two issues of the E-Newsletter will focus on bringing our members upto speed on the activities undertaken by INSOL India over the last few months and the projects in pipeline.

One of the priority tasks of the new INSOL India executive committee was to set up an office space from where secretariat could function effectively to deliver our various projects. I am delighted to share with our members that from 1st June 2017 we moved into an office space in Jangpura area. The new office launched at the hands of our Founder Patron, Justice D.P. Wadhwa. This is an important milestone in the journey of INSOL India. We are in the process of setting up a library and will soon invite our members to avail this facility. I am delighted to see our membership growing steadily. On last count we had crossed 120 new members. We are constantly engaging with IBBI to support its endeavours to develop a world-class insolvency ecosystem in the country. The details of these initiatives are available on our newly designed fully dynamic website which is updated on regular basis. We had one of the most successful insolvency conferences of the country in April, attended by over 350 delegates, with top quality content and discussions. A report jointly prepared by INSOL India-SIPI-ASSOCHAM was released by the Hon'ble Minister of State for Finance at the conference which can be downloaded from INSOL India website. INSOL India has been invited to partner with Singapore National Conference on Insolvency to be held on 24-25 August 2017. INSOL India will lead a delegation to Singapore to meet relevant stakeholders to discuss cooperation between two jurisdictions.

An Insolvency Summit will be held in Mumbai on 22-23 September. Details will be circulated separately. I feel honoured to have been asked to head the Working Group constituted by the Insolvency and Bankruptcy