The Chamber organised a seminar on the 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 the second anniversary of the implementation of the IBC.
Addressing the Seminar, Anil Goel, an experienced Insolvency Professional from New Delhi, said that the Insolvency and Bankruptcy Code has been implemented in the country at lightning speed and the entire ecosystem and infrastructure has been created around this Code in less than two years. In line with this, the Ministry of Corporate Affairs is setting up a Bench of the National Company Law Tribunal [NCLT] Kochi for the benefit of the businesses in Kerala.
The IBC is being used extensively by financial creditors (lenders) and operational creditors (suppliers of goods or services, workers and employees) for the collection of 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 and limited liability partnership firms. The law will be applicable to individual guarantors, partnership firms, proprietorship concerns, and individuals in the second phase.
Justice Jaisankaran Nambiar, Judge High Court of Kerala delivered the Keynote 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.