IBBI Celebrates Eighth Annual Day with Keynote Addresses and Recognition of Achievements in Insolvency Resolution

On October 1, 2024, the Insolvency and Bankruptcy Board of India (IBBI) celebrated its Eighth Annual Day, a significant milestone marked by a series of events, including an Annual Day Lecture Series. The occasion was graced by notable dignitaries, including Chief Justice (Retd.) Mr. Ramalingam Sudhakar served as the Chief Guest and delivered the keynote address. The event featured a special lecture by Mr. Amitabh Kant, India's G20 Sherpa and former CEO of NITI Aayog, as well as addresses from Dr. V. Anantha Nageswaran, Chief Economic Advisor of the Ministry of Finance, and Ms. Deepti Gaur Mukerjee, Secretary of the Ministry of Corporate Affairs.

To commemorate the occasion, IBBI released an annual publication titled “IBC के आठ वर्ष : शोध एवं विश्लेषण" highlighting research and insights related to the Insolvency and Bankruptcy Code (IBC). Additionally, the winners of the 5th National Online Quiz on the IBC were recognized and awarded merit certificates, medals, and cash prizes, celebrating their knowledge and engagement with the subject.

Over the past eight years, the IBC has played a pivotal role in expediting the resolution of insolvency cases, which has significantly boosted investor and stakeholder confidence and created a more conducive environment for business growth. The Code has introduced a strong deterrent effect, facilitating the transfer of control of a Corporate Debtor and influencing debtor behaviour. The potential for ownership transfer serves as a compelling incentive for disciplined management practices, thereby discouraging actions that could lead to insolvency.

The program was hosted at the Pradhanmantri Sanghralaya on Teen Murti Marg in New Delhi, starting at 4:00 PM. The event was attended by senior government officials, regulatory bodies, and various stakeholders from the insolvency ecosystem, including insolvency professionals, registered valuers, debtors, creditors, business leaders, academicians, and researchers. Interested stakeholders were also invited to join the proceedings virtually via a live link available at https://ibbi.gov.in/annualday2024/.provided