CA. Aniket Sunil Talati
President ICAI
A comprehensive and coherent Insolvency Resolution Framework is one of the core pillars of economic growth of any nation and a strong resolution framework is indispensable for laying down the foundation for future sustainable development.
The Insolvency and Bankruptcy Code, 2016 (“Code” / “IBC”), was enacted in India to streamline the existing legal framework pertaining to insolvency resolution and to ensure resolution in a time bound manner, while maximizing value of assets, promoting entrepreneurship, facilitating availability of credit and balancing interest of all stakeholders. The Code over these years has established a strong ecosystem in the country.
Over the past six years, IBC remains vital legislation, has meandered through many challenges and won accolades. The policy makers have responded timely to the needs for modifications in the IBC and related regulations to overcome hurdles and removed whatever had become obsolete in the course of time. This is evident from the fact that, so far, the Parliament has amended the IBC six times. Besides, the IBBI has also made about 84 amendments to its 18 regulations.
Nonetheless, we face many challenges in the path of our growth and development and the existing and emerging global uncertainties require global interconnectedness. Hence, as an initiation towards this intent, it gives me immense pleasure to announce that The Institute of Chartered Accountants of India through its Committee on Insolvency & Bankruptcy Code is organizing International Convention on Insolvency Resolution, titled “RESOLVE–2023” on 4th & 5th August, 2023 in association with the Indian Institute of Insolvency Professionals of ICAI (IIIPI) and hosted by Singapore Chapter of ICAI. The context of the convention surrounds the underlying ethos of an effective resolution system, being, “Enabling Resolution, Maximizing Value”.
The Convention is expected to be graced by reputed and eminent professionals and practitioners of the field along with critical stakeholders including Regulators, Financial Institutions, Stressed asset Funders etc. The technical sessions have been structured through a rigorous thought-provoking process to identify the requirements of the delegates in order to enable learning and sharing deep insights into the nuances of insolvency resolution across the globe, the emerging challenges and implementable best practices. ICAI is all geared up and looking forward to welcoming the delegates for gracing this inaugural Convention to gain cross country experience sharing and networking with peers.