25 September 2023
Insolvency or liquidation of industries is no longer a matter related to any one region but has become a natinal issue. The above views were expressed by Dr. PSN Prasad, Member (Judicial), National Company Law Tribunal, Chandigarh Bench, today while addressing the awareness conference on Insolvency and Bankruptcy Code-2016 organized by PHD Chamber of Commerce and Industry.
Speaking on the occasion, Mr. Prasad, said that complaints related to financial matters often come to the Tribunal due to lack of knowledge of law. Lawyers should try to reach a mutual agreement by explaining the law to industrialists and bankers before filing any petition.
He said that the rules and the laws made in other sectors are being used correctly but due to lack of correct information about the laws made regarding economic matters, disputes are increasing.
Mr.Harnam Singh Thakur ,Member (Judicial), National Comapny Law Tribunal Chandigarh Bench said that it has been seven years since IBC was formed. Now awareness regarding this is increasing. Through IBC, disputes between many industrial groups and banks can be resolved with mutual consent.
Apart from industrialists, insolvency professionals, HR professionals and advocates participated in the conference. Mr.Thakur said that at present young entrepreneurs are setting up industries without studying in the field. This is later causing liquidation. One should establish industries in a planned manner with field study. liquidation of industries is growing to a national problem.
Hon’ble member ( judicial) Mrs.Laksmi Gurung shares her veiws that it’s important to conduct such awareness programs by PHDCCI, It creates awareness among people. Our new generation should be equipped with full information about NCLT and IBC. Programs like these eleminate problems faced by public.
Speaking on the occasion, PHDCCI NCLT & IBC Committee Chair G.P. Madaan highlighted the success stories of the IBC, 2016. While appreciating the Code, he said that, barring exceptions, the NPAs will not be visible in the economy. He urged all the stakeholders to support the Govt., the Regulator and the Adjudicating Authority in successful implementation of the law.
While moderation the programme, Assistant Secretary General of PHDCCI, Dr. Jatinder Singh said that whenever a new law is made regarding industries in the country, the Chamber organizes such programs to inform the industrialists about it. He said that the Chamber acts as a bridge between the government and industrialists. In such a situation, it is the responsibility of the Chamber to provide correct information about the government rules to the industrialists.
In the inaugural session, PHDCCI NCLT and IBC Committee Co-Chair Abhishek Anand, Karan Mehra, Banking and Financial Services Sub-Committee Convenor Mukul Bansal expressed their views. During the technical sessions, Jalesh Kumar Grover, Rajesh Sharma, Ratan Gopal Mishra, Atul sood , Anand Chhibber, Pankaj Sethi and Harish Taneja participated in the panel discussion and expressed their views about IBC-2016.