Message from Vice President, ICAI

CA. Ranjeet Kumar Agarwal

Vice President ICAI

Economic stability and prosperity require an effective insolvency resolution framework. In 2016, India took a historic step in this regard by enacting the Insolvency and Bankruptcy Code, 2016 ("IBC" or "Code"), which established a strong, contemporary, and complex insolvency framework. The IBC is the country's first comprehensive statute addressing corporate and individual insolvency. The Code's goal is to promote the going concern status through revival and resolution, and it has been praised as a significant reform in the insolvency resolution system, providing much-needed stability to stakeholders. As per reports, in FY23, the National Company Law Tribunal (NCLT) admitted 1,255 applications from creditors for initiation of the Corporate Insolvency Resolution Process (CIRP), which is also one of the highest numbers since 2019.

The Institute of Chartered Accountants of India (ICAI) has always aimed towards promoting and understanding the global best practices. The need for strengthening the insolvency resolution framework has assumed great importance recently. In the above context, it gives me immense pleasure to invite delegates to the International Convention on Insolvency Resolution, with the theme “RESOLVE-2023, Enabling Resolution, Maximizing Value” on 4th and 5th August 2023 at Singapore. The same is being organized by ICAI through its Committee on Insolvency & Bankruptcy Code in association with Indian Institute of Insolvency Professionals of ICAI (IIIPI). The Convention will be hosted by Singapore Chapter of ICAI. The conference has been designed to address the rising concerns faced by practitioners in the field, and the sessions have been carefully curated to satisfy the participants' learning needs while also touching on major thematic issues such as Emerging trends in Debt Resolution arena, Role of Regulators and Policy Makers for effective ecosystem, development of global insolvency profession, leveraging technology for integration of process etc. Various eminent domain experts will be able to share their knowledge at the convention.

I am hopeful that this convention will facilitate knowledge sharing and networking and it will help us all pave the path forward in enhancing the insolvency resolution ecosystem.