Legal Era Insolvency Summit 2021 - Keynote Address by Amarjit Singh Chandhiok

The Summit began with an invigorating Opening Address by a stellar panel of Amarjit Singh Chandhiok, President-Elect, Bar Association of India

Amarjit Singh Chandhiok, the founder and President of the 25-year-old organization Insol India, shared the journey of the IBC Code optimistically and holistically. He opined, "Covid brought so many new changes for us. But from the perspective of the resolution professional to the Supreme Court, each one of us has played a role to make sure IBC does not meet the same fate as SICA or Debt Recovery legislations. Rather, we are seeing new trends. I congratulate everyone who participated in the evolution of IBC. We have had 5 years of IBBI report. We have now started looking at insolvency at the LLP level. People had expressed apprehension that there was no profession as being a resolution professional – but we have seen people have risen to the occasion – lawyers, CAs, CS."

He made a vehement appeal that IBC was not a recovery process. We shouldn't see what the percentage of the recovery is. Rather, his vision was "I'm looking at a day where the COC or resolution professional will say – We will look at pre-package and see how we restructure them at our level even before we come into the level of CIRP process. Approve a plan where we're able to restructure the industry in a way that it's utilized for public purpose."

Looking ahead, Mr. Chandhiok made a couple of suggestions to build and strengthen the IBC's robust implementation and evolution.