NeSL MD & CEO Shri. Debajyoti Ray Chaudhuri was invited to speak at the 7th Foundation Day Celebrations of Indian Institute of Insolvency Professionals of ICAI (IIIPI),
During his talk Shri. Debajyoti Ray Chaudhuri spoke on the following areas
- IIIPI was the first IPA to have been granted registration with the unique regn no of IBBI/IPA/16-17/01.
- He also stated that IIIPI can be proud of two achievements. Firstly, the establishment of the IPA, an unique institution of its kind in India, as an integral part of the insolvency ecosystem. An IPA is like a mini state with regulatory, executive and quasi-judicial functions. Secondly, IIIPI has also nurtured the new class of professionals which were created consequent to implementation of the IBC-The Insolvency Professional.
- He highlighted that an IP has two broad responsibilities. Firstly, to protect and preserve the value of the property of the corporate debtor and manage the operations of the corporate debtor as a going concern. Secondly to conduct the CIRP or Liquidation process under the provisions of the Code/Regulations.
- He appreciated IPs, especially of IIIPI can be proud of several achievements. Some of them are: –
A CD during CIRP achieved the highest ever production in its history. 100% recovery of claims of the financial, operational and other creditors in a CIRP.
RP successfully moved avoidance application, with a favourable judgement from the Hon’ble Supreme Court. This was achieved in the face of numerous challenges. The Hon’ble Supreme Court had to intervene and direct immediate release of an IP who was under custody of Police.
During the evening it was also noted that there could be increase in PG to CD cases, consequent to legal clarity on the same. This represents a significant opportunity for IPs. NeSL can facilitate this with its Record of Default.
