The Insolvency and Bankruptcy Board of India (IBBI) celebrated its Fourth Annual Day on 1st October, 2020. Hon’ble Minister of State for Finance and Corporate Affairs, Shri Anurag Singh Thakur graced the occasion as the Chief Guest. In his address, he elaborated several measures taken by the Government to ameliorate the pains of citizens in the aftermath of the COVID-19 pandemic. He pointed out that amendment to the Insolvency and Bankruptcy Code, 2016 (IBC) to suspend the filling of corporate insolvencies in respect of COVID-19 defaults was one such step required to save businesses from being closed prematurely. Hon’ble Minister also released the annual publication, “Insolvency and Bankruptcy Regime in India: A Narrative” on the occasion. This publication presents the thoughts and perspectives of practitioners, policymakers, subject experts, and academicians, that elucidate and stimulate thought around the journey of the IBC thus far and road ahead.
To commemorate its establishment, IBBI has instituted an Annual Day Lecture Series. Mr. Girish Chandra Murmu, Comptroller and Auditor General of India delivered the Fourth Annual Day Lecture on “IBC: Adaptability is the Key to Sustaining Reforms in Times of a Pandemic”.
The Comptroller and Auditor General of India also released the Handbook for Insolvency Professionals titled “Understanding the IBC: Key Jurisprudence and Practical Considerations” prepared by International Financial Corporation, World Bank Group, in pursuance of a co-operation Agreement with the IBBI. IBBI, in collaboration with MyGov.in, had conducted a ‘National Online Quiz on Insolvency and Bankruptcy Code, 2016’ from 1st to 31st July, 2020 to promote awareness and understanding of the Code among various stakeholders across the country. The Comptroller and Auditor General of India gave away the medals and cash awards to the top three performers of the quiz on the occasion.
In the interest of efficient price discovery, IBBI has empanelled National e-Governance Services Limited to provide an electronic platform for market for distressed assets. The Hon’ble Minister inaugurated the platform on the occasion.
In his welcome remarks, Dr. M. S. Sahoo, Chairperson, IBBI, thanked all stakeholders who joined the journey of IBBI and IBC’s ecosystem and ensured that it was operationalized in shortest time, unprecedented in the history of any economic legislation in the country and that of any insolvency regime around the world.
Dr. Mukulita Vijayawargiya, Whole Time Member, IBBI extended a hearty vote of thanks at the conclusion of the event.