The Chamber organised a seminar on Insolvency and Bankruptcy code - 2016, to spread awareness on its implication and to improve the current business environment. The talk was arranged to coincide with 2 years of implementation of the IBC.
Addressing the seminar, Anil Goel, an experienced Insolvency Professional in the country, said IBC has been implemented in the country at lightning speed and the entire ecosystem and infrastructure have been created around this code in less than two years. In line with this, Ministry of Corporate Affairs is setting up a bench of National Company Law Tribunal [NCLT] at Kochi for the benefit of the businesses and the people of Kerala.
The IBC is being used extensively by financial creditors (lenders) and operational creditors (suppliers of goods or services, workers and employees) for their dues either from companies or limited liability partnerships. The law has been made applicable to incorporated entities such as limited or private limited companies or limited liability partnership firms. The law would be applicable to individual guarantors, partnership firms, proprietorship concerns, and Individuals in the second phase.
Justice Jaisankaran Nambiar, Judge at the High Court of Kerala delivered the Key Note address at the session. Mr. V. Venugopal, President of the Chamber and Mr. S.P. Kamath, Executive Committee Member of the Chamber also spoke on the occasion.
The session was attended by 150 industry representatives and professionals.