Call for Research Papers 2023
The Insolvency and Bankruptcy Board of India (IBBI) and Indian Institute of Management, Bangalore (IIMB) are jointly organising an international conference on insolvency and bankruptcy to promote research and discourse in the field of insolvency and bankruptcy from 23rd to 25th February 2023.
The Insolvency and Bankruptcy Code, 2016 (Code / IBC) is landmark legislation that has had an exceptional journey, reforming and strengthening the insolvency and bankruptcy regime in India. It has created an environment that encourages entrepreneurship and is conducive to appropriate risk-taking. Starting from the implementation of the Code, setting up of new organisations and complete infrastructure to handle insolvency activities, the Indian regulatory environment for insolvency and bankruptcy of corporates, has witnessed a remarkable transition from an archaic resolution and liquidation process to a modern one attempting and facilitating the faster resolution of distressed companies and assets.
About the IBBI:
The IBBI was established on 1 st October 2016 under the Code. It is one of the four key pillars of the ecosystem responsible for the implementation of the Code that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies, Insolvency Professional Entities and Information Utilities. It writes and enforces rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code.
About IIM Bangalore:
The Indian Institute of Management Bangalore is a leading graduate school of management in Asia. Under the IIM Act of 2017, IIMB is an Institute of National Importance. Located in India’s high technology capital, IIMB is committed to making a deep social impact using technology-enabled education. It is the first management school in India to offer Massive Open Online Courses (MOOCs) on the edX platform. It is also coordinating the institute for management education for SWAYAM, GoI’s online education platform. Along with 11 disciplinary areas, IIMB has ten centres of excellence that offer courses and conduct research on interesting questions facing various sectors of industry.
There is now a growing body of literature that aims to address the gaps in theoretical aspects of insolvency law and its practice and impact on the ground. Deep research can bring together evidence to support policymakers in achieving real-world outcomes. To promote research and discourse in the field of insolvency and bankruptcy, the three-day international research conference to be held by IBBI and IIMB calls upon academics & researchers, lawyers, economists, and regulators, to submit research proposals. This conference is an opportunity to understand the importance and impact of IBC in its totality through multidisciplinary research papers.
Releasing the Brochure of the conference, the Chairperson, IBBI mentioned that evidentiary or research-based foundations for policy making, devoid of discretion, foster transparency and help in bringing complete harmony between policy initiatives and market expectations. To bridge the gap between theory and practice, it is important to analyse the practical cases and examine the need to make changes in theory. In an evolving area of insolvency and bankruptcy, there is a need to analyse literature and market information to inform future policy-making. Advancing the ongoing efforts of IBBI, the international research conference organised in collaboration with IIMB which houses unparalleled faculties and scholarships will attract wide interest from students and experts in the field of insolvency and bankruptcy. The academic rigour of the papers presented at the conference will offer new insights and analyses that will shape the future course of policymaking. The brochure can be accessed on IBBI’s website.
It is well established that economic freedom and economic performance have a very high positive correlation. Countries having a high level of economic freedom generally outperform countries with a not-so-high level of economic freedom. It has, therefore, been the endeavour of countries all over the world to provide the right institutional milieu that provides, promotes and protects economic freedom, and regulates such freedom only to the extent it is necessary for addressing market failure(s). In other words, the endeavour is to have better business regulations that make it easier for firms to do business in the economy.
It was in this vein that the landmark Insolvency and Bankruptcy Code, 2016 (Code / IBC) was enacted on 28th May 2016. In comparison to other advanced jurisdictions, the Indian model came with the key additionalities of (i) IBBI as Regulator for the development of professions, (ii) Information Utility (IU) to address the issue of information asymmetries and (iii) Graduate Insolvency Programme for nurturing budding talents and grooming them as a committed cadre of insolvency professions.
The IBBI is a unique regulator and has regulatory oversight over professionals and related institutions - Insolvency Professionals, Insolvency Professional Agencies, Insolvency Professional Entities and IUs - in the insolvency space. It makes regulations and guidelines on matters relating to insolvency processes - corporate insolvency resolution process, prepackaged insolvency resolution process, corporate liquidation process, voluntary liquidation process, fresh start process, individual insolvency resolution process and individual bankruptcy process - under the Code. For the time being, it also acts as the authority for the valuation profession.
Starting from the implementation of the Code, setting up of new organisations and complete infrastructure to handle insolvency activities, the Indian regulatory environment for insolvency and bankruptcy of corporates, has witnessed a remarkable transition from an archaic resolution and liquidation process to a modern one attempting and facilitating the faster resolution of distressed companies and assets. The Supreme Court of India has been proactively clarifying a few provisions of the Code as they have arisen during the course of its implementation. Having undergone six amendments since its enactment, the Code continues to be a work in progress. The Adjudicating Authorities, i.e., National Company Law Tribunal, and the Appellate Authority i.e., National Company Law Appellate Tribunal have dealt with a larger number of cases of insolvency and bankruptcy and streamlined the path of addressing corporate distress either through resolution, restructuring or liquidation.
It is well-known fact that evidentiary or research-based foundations for policy making, devoid of discretion, foster transparency and help in bringing complete harmony between policy initiatives and market expectations. To bridge the gap between theory and practice, it is important to analyze the practical cases and examine the need to make changes in theory. In an evolving area of insolvency and bankruptcy, there is a need to analyse literature and market information to inform future policy-making. Research plays a great part in this. The practices in jurisdictions across the world further help to understand the situation and to build best practices under the law.
A few academic studies (Bose, Filomeni and Mallick (2021), Ghosh (2022) and Jose et al. (2020)) have been providing divergent empirical evidence and classic cases are evolving in the interpretation of interest of multiple stakeholders. However, still, multiple issues on the effectiveness of institutional and legal mechanisms and their impact on corporate finance and the interests of stakeholders are yet to be addressed empirically.
Academic knowledge, empirical evidence from rigorous analysis and expertise can help inform, design, improve and test policy and ultimately make government policy better. Rigorous research can bring evidence to support policymakers in addressing challenges. Thus, this conference is a forum for academic researchers, professionals, financial creditors, and policymakers to discuss the impending issues of making IBC a more effective institutional mechanism.
This conference is inviting research papers in the area of corporate finance, distress, resolution mechanism, valuation issues and protection of multiple stakeholders.
Topics for the conference:
This conference will bring together an exciting programme with the right mix of expert guest speakers/ knowledge leaders dealing with restructuring and insolvency and academics with research in the field of corporate distress and insolvency. The international conference will bestow us with an opportunity to understand the importance and impact of IBC in its totality through multi-disciplinary research papers. In addition, the proposed theme lecture by eminent resource persons will set the tone of the conference and the panel discussions will enlighten us with the latest insight, knowledge and thought leadership, focusing not only on financial and legal aspects but also on artificial intelligence (AI), ethics, the future of the IBC and more. Interdisciplinary research that aims to understand the financial, legal, economic, behavioural and management aspects of the IBC is encouraged. A field-wise classification of potential research topics under the Indian insolvency and bankruptcy space i.e., in relation to the IBC is listed below. Several studies may be inter-disciplinary in nature and hence cannot be isolated to fall under a single field of study and researchers are encouraged to explore the interdisciplinary nature as well. The suggested groupings of proposed studies are as under:
(a) Economic / Financial
Impact of IBC on credit channels and bond markets
Sectoral analysis of the effectiveness of IBC
IBC and economic growth
Developing a framework for assessing outcomes of insolvency regimes
COVID-19 and its impact on corporate distress and Bankruptcy
Early warning of stress in the corporate sector
Managing Interim Finance
Resolvability Assessment Framework
Stress in the MSME sector and pre-packs
Risk assessment of small and micro businesses
Role of Asset Reconstruction Companies as resolution applicant
NPA v/s default: Co-relation and time lag
Avoidance actions to cleanse the business
Propensity, retention and attrition scoring
Applications of ML/AI, textual analysis and big/alternative data to predict bankruptcy
Credit rating and insolvency
Information systems, accounting and auditing in predicting financial distress and bankruptcy
Economic benefits from the adoption of a cross-border regime
Impact on the credit market
(b) Legal
Balancing interests of stakeholders under processes under the Code
The legislative framework for cross-border insolvency: Lessons for India
Need for a separate framework for insolvency of real estate companies
Comparative analysis of insolvency laws across the globe
Group Insolvency
Streamlining the processes under the Code
Role of mediation in the insolvency process across the jurisdictions
Assessing section 29A of the IBC.
Evolving jurisprudence on avoidance transactions and personal guarantors and the way forward
(c) Behavioral
Observing and measuring behavioural change among stakeholders of IBC
Technological developments and integration with IBC
Development of a platform for distressed assets
Interaction of IBC and its pillars (IBBI, Information Utilities, Insolvency Professionals, Adjudicating Authority)
(d) Management
Effectiveness of IBC’s institutional structures – IBBI, IPs, AA, and IUs
Interaction of IBC with other laws (FEMA, SEBI, Arbitration and Conciliation Act)
Fairness and equity in corporate processes under the Code
Developing a market for distressed assets
Corporate disclosures in predicting corporate default and failure
Promoting entrepreneurship
(e) Miscellaneous
Climate change and credit risk
International conflict/geopolitics and credit risk
Venue: Conference will be held physically at the Indian Institute of Management Bangalore campus during 23rd - 25th February 2023.
Participants:
The conference is open to individuals from all disciplines interested and involved in the insolvency and bankruptcy process and its multi-disciplinary issues. Conference organisers encourage professionals and scholars to participate and present their papers on any of the topics listed above.
There is no participation fee. Professionals, scholars, and students can also register and participate in the event without presenting their papers.
Accommodation:
A number of accommodation facilities with varying budgets (single occupancy/twin sharing basis) are blocked for the conference purpose. Participants who are availing of accommodation will have to pay and settle with the conference secretariat. Accommodation will be provided to participants on a first come first basis. Interested participants may write to <ibbiconf@iimb.ac.in> for details. However, reasonably hygienic accommodation facilities are available in the close vicinity of IIMB.
Conference facilities:
All the registered participants will be given conference materials and food and snacks for three days. A participation certificate will be issued on request.
Research scholarship:
A limited number of funding is available for Ph.D. (Doctoral) scholars who are currently working on insolvency and bankruptcy topics associated with universities and institutes. Those who wish to avail the funding are requested to write to research@ibbi.gov.in.
The research scholarship is worth ₹ 10,000 consolidated per research paper. Ph.D. students researching in the insolvency and bankruptcy space will have to submit the following documents:
Ph.D. enrolment letter on college/university letterhead duly signed by the Ph.D. student and the supervisor. The enrolment letter should state your full name and details of the Ph.D. course being pursued. It should be duly stamped with the university seal.
A no objection letter on university letterhead duly signed by the head of the department with the university seal.
The sum shall be awarded on completion of the conference; and meeting all submissions as per timelines.
Data sharing for research:
The IBBI disseminates data and information for researchers and other stakeholders at regular intervals on its website in downloadable format. The IBBI also promotes its research endeavour through several of its publications. Researchers may refer to the same for research articles in the insolvency space. Data pertaining to various processes under IBC can also be found in these publications:
(a) Newsletters: The newsletters encapsulate the legal and regulatory developments; the status of all the processes and service providers under the Code; capacity-building initiatives and advocacy and awareness generation activities undertaken by the IBBI during the quarter. The newsletters carry a summary of outcomes under the Code and an analysis of the same. At present 22 volumes of the newsletter have been published by end of March 2022.
(b) Information Brochures which create awareness about several processes are an additional source of information.
(c) Annual Publications: These publications consist of insightful articles written by experts in the field, with topics on various issues in insolvency, bankruptcy, finance, and economic sphere.
(d) The IBBI aims to support researchers with any additional data not found in the public domain subject to certain restrictions. The researchers may contact the IBBI about the same by writing to research@ibbi.gov.in.
There are certain guidelines which the researchers are expected to follow. The submission procedure and research protocol are summarised below.
Submission Procedure:
Interested applicants wishing to present an original research paper should send a 1000-1500 research proposal to research@ibbi.gov.in by 31st August 2022. The first page of the proposal must include the following details:
(a) The title of the paper;
(b) Full names of all the authors and affiliations (maximum 3 authors); and
(c) Email addresses and contact numbers of all authors.
The proposal should include the theories/issues, research methodology, data sources and analytical tools to be used. The organising committee will evaluate the proposals and shortlist the accepted proposals by 16th September 2022. Upon approval of the proposal, the applicants will be required to submit their full research papers in 8000-12000 words in English by 16th December 2022. The word limit should be strictly adhered to.
The final acceptance of full papers will be notified to applicants by 16th January 2023.
All parties involved in the research must adhere to certain standards of ethical behaviour.
Authors should ensure that:
The paper is based on research work that is original. Anything that compromises the originality of the work should be avoided. The paper must avoid plagiarism in all and any form;
It does not include content that is copied or reproduced from other works without appropriate attribution;
The paper discloses the source of all data used;
The paper is fully referenced, cited or quoted where works of others are used; and
The paper is not submitted for review /publication, in whole or in part, elsewhere concurrently while the paper is submitted for consideration as part of this conference.
Selected presenters will be required to present their papers at the conference. There will be two Best Paper Awards given at the conference. The selection of the awards will be carried out by the expert committee comprising academics and IBBI professionals.
After the conference, the authors shall submit the final paper that gives due consideration to all comments and feedback received during the conference by 16th March 2023. The final set of selected papers will be either hosted in the IBBI website or published as a book. Presenters, if they so wish, would be free to get the work published in any journal with appropriate citations.
Important dates:
Proposal submission | 31st August, 2022 |
Acceptance/ Rejection notification | 16th September, 2022 |
Submission of full papers | 16th December, 2022 |
Final paper acceptance/ rejection notification | 16th January, 2023 |
Presentation of the paper | 23rd - 25th February, 2023 |
Submission of revised paper | 16th March, 2023 |
Conference language:
The conference proceedings will be in English/Hindi; no simultaneous translation will be available.
Conference Team:
Prof. Jayadev M, Indian Institute of Management Bangalore
Dr. Aishwarya Krishna, Indian Institute of Management, Bangalore
Mr. Ritesh Kavdia, Insolvency and Bankruptcy Board of India
Mr. Shiv Anant Shankar, Insolvency and Bankruptcy Board of India
Dr. Anuradha Guru, Research Guidance Group, Insolvency and Bankruptcy Board of India
Contact:
For any further queries / information please reach us at:
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