The Insolvency and Bankruptcy Code, 2016 (Code) aims to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets, to promote entrepreneurship, availability of credit and to balance the interests of all the stakeholders.
The Code has created a strong ecosystem in the insolvency regime which is expanding in terms of the number of service providers and the number of cases using the Code as a rescue mechanism for distressed firms. The Code has rescued 1,934 CDs (517 through resolution plans, 774 through appeal or review or settlement and 643 through withdrawal) till June 2022. In value terms, around 69% of distressed assets which entered the process under the Code have been resolved.
The Insolvency and Bankruptcy Board of India (IBBI), which is responsible for the implementation of the Code, is celebrating its Sixth Annual Day on 1st October 2022. Smt. Nirmala Sitharaman, Hon’ble Minister of Finance and Minister of Corporate Affairs, will grace the occasion as the Chief Guest and Shri Rao Inderjit Singh, Hon’ble Minister of State (Independent Charge) of Ministry of Statistics and Programme Implementation; Minister of State (Independent Charge) of Ministry of Planning; and Minister of State in the Ministry of Corporate Affairs, will be the Guest of Honour.
In order to commemorate the establishment of the IBBI, it has instituted an Annual Day Lecture Series. Chief Justice (Retd.) Shri Ramalingam Sudhakar, Hon’ble President, National Company Law Tribunal and Shri Ashok Kumar Gupta, Chairperson, Competition Commission of India will be delivering the Annual Day Lecture this year.
To mark the occasion, an annual publication, “IBC: Idea, Impressions and Implementation” will also be released.
The programme is being organised in the Nehru Memorial Museum & Library, Teen Murti Bhavan, Teen Murti Marg, New Delhi at 4.00 pm on 1st October 2022. Senior officers of the Government and regulatory bodies will grace the occasion. The occasion will witness the presence of stakeholders of the insolvency regime, namely, the insolvency professionals, registered values, other professionals, debtors, creditors, business leaders, academicians, and researchers. All the other interested stakeholders may join the programme virtually, the link to join will be available on https://ibbi.gov.in/annualday2022/index.php