PHDCCI conference on corporate restructuring – role of NCLT and NCLAT

In Mergers and Acquisitions, all Stakeholders, including the Legal Fraternity, have done Commendable Work, Hon’ble Chief Justice (Retd.) Ramalingam Sudhakar, President, NCLT

The NCLT and IBC Committee, PHDCCI organized a Conference on Corporate Restructuring – Role of NCLT and NCLAT.

The Conference touch based on three aspects viz. – Merger and Acquisition; Corporate Insolvency Resolution Process and Section 230 of Companies Act, 2013 – Scheme of Compromise and Arrangement under Liquidation.

Dr. Ashok Kumar Mishra, Member (Technical), NCLAT, deliberated on the operational and financial aspects of Corporate Restructuring.

Hon’ble Chief Justice (Retd.) Ramalingam Sudhakar, President, NCLT, stated that in the field of Mergers and Acquisitions, NCLT has achieved good results and presented statistics as of 31st August 2022 – the percentage of disposal of cases by NCLT is 92.1%.

He further said that all stakeholders, including the legal fraternity, have done commendable work in the field of mergers and acquisitions.

Dr. PSN Prasad, Member (Judicial), NCLT, pointed out that “re-alignment” along with “restructuring” is important. He said Law is the true representative of the country’s socio-economic conditions, and the traditional concept of law has been changed totally under the IBC.

The IBC is more flexible and focused on addressing socio-economic-political-technological issues.

Dr. U K Chaudhary, Senior Advocate & President, NCLT Bar Association, presented various issues relating to corporate restructuring and scheme of compromise and arrangement under Section 230.

He said that while the Company Law tribunal is doing wonders, the IBC needs the government’s backing.

Mr. Pradeep Multani, President, PHDCCI, in this presidential address, said that the Insolvency and Bankruptcy Code 2016 is a breakthrough reform to resolve distressed debt in India and put forth suggestions viz., Mediation should be introduced for out of court settlement of disputes in a speedy and cost-effective manner,
Introduction of a single window for all company law related matters; Increasing the number of benches and strengths of members at all benches, Creating world class infrastructure for all the benches and Discouraging malicious and frivolous applications.
Mr. GP Madaan, Chair- NCLT and IBC Committee moderated the technical sessions. Dr. Jatinder Singh, ASG, PHDCCI moderated the inaugural session. Mr. Abhishek Anand, Co-Chair, NCLT & IBC Committee presented the summation remark and proposed a vote of thanks.
The Conference was attended by a delegate from the industry and legal fraternity. AAA Insolvency Professionals LLP supported the Conference; Chandiok & Mahajan; Hammurabi & Solomon Partners; RRG & Associates; ARCK Resolution Professionals LLP; Resurgent India Limited; UKCA and Partners; AMC Law Firm and Ducturus Resolution Professionals Pvt. Ltd.
Law offices of A. Anand and Madaan Law Offices were the Conference Knowledge Partners.
This article was shared with Prittle Prattle News as a Press Release.
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