No.PR -330
September 27, 2022
New Delhi
In the field of Mergers and Acquisitions all Stakeholders including the Legal Fraternity has done Commendable Work, Hon’ble Chief Justice (Retd.) Ramalingam Sudhakar, President, NCLT
The NCLT and IBC Committee, PHDCCI organized a Conference on Corporate Restructuring – Role of NCLT and NCLAT on 24th September 2022 at PHD House, New Delhi.
The Conference touch based on three aspects viz. – Merger and Acquisition; Corporate Insolvency Resolution Process and Section 230 of Companies Act, 2013 – Scheme of Compromise and Arrangement under Liquidation.
Dr. Ashok Kumar Mishra, Member (Technical), NCLAT deliberated on the operational and financial aspects of Corporate Restructuring.
Hon’ble Chief Justice (Retd.) Ramalingam Sudhakar, President, NCLT stated that in the field of Mergers and Acquisitions NCLT has achieved good results and presented statistics as of 31st August 2022 – the percentage of disposal of cases by NCLT is 92.1% . He further said that in the field of mergers and acquisitions all stakeholders including the legal fraternity has done commendable work.
Dr. PSN Prasad, Member (Judicial), NCLT pointed out that “re-alignment” along with “restructuring” is important. He said Law is the true representative of socio-economic conditions of the country, and the traditional concept of law has been changed totally under the IBC. The IBC is more flexible and focused towards addressing socio-economic-political-technological issues.
Dr. U K Chaudhary, Senior Advocate & President, NCLT Bar Association presented various issues relating to corporate restructuring and scheme of compromise and arrangement under Section 230. He said that while the Company Law tribunal is doing wonders, the IBC needs the government’s backing.
Mr. Pradeep Multani, President, PHDCCI in this presidential address said that the Insolvency and Bankruptcy Code 2016 is a breakthrough reform to resolve distressed debt in India and put forth suggestions viz., Mediation should be introduced for out of court settlement of disputes in a speedy and cost-effective manner; Introduction of a single window for all company law related matters; Increasing the number of benches and strengths of members at all benches; Creating world class infrastructure for all the benches and Discouraging malicious and frivolous applications.
Mr. GP Madaan, Chair- NCLT and IBC Committee moderated the technical sessions. Mr. Abhishek Anand, Co-Chair, NCLT & IBC Committee presented the summation remark and proposed vote of thanks. Dr. Jatinder Singh, ASG, PHDCCI moderated the inaugural session.
The Conference was attended by delegate from industry and legal fraternity. The conference was supported by AAA Insolvency Professionals LLP; Chandiok & Mahajan; Hammurabi & Solomon Partners; RRG & Associates; ARCK Resolution Professionals LLP; Resurgent India Limited; UKCA and Partners; AMC Law Firm and Ducturus Resolution Professionals Pvt. Ltd.
Law offices of A. Anand and Madaan Law Offices were the Conference Knowledge Partners.
The Conference was sponsored by PHDCCI’s Annual Sponsors – Multani Pharmaceuticals Ltd; Star Wire; PG Industry; Uflex Ltd; DLF Ltd; Continental Carriers Pvt Ltd; Belair Travel & Cargo Pvt Ltd; Radico Khaitan Ltd; Jindal Steel & Power; MMG Group; Paramount Communications; Superior Industries Limited; JK Tyre & Industries Ltd; SMC Investments and Advisors Ltd; Crystal Crop Protection Ltd; Sagar Group of Industries; Samsung India Electronics; Comtech Interio; R E Rogers; AYUSH Herbs Private Ltd; Apeejay Stya Group; DCM Shriram; EaseMyTrip; Blossom Kochhar Beauty Products Pvt Ltd; Oswal Greentech; Trident Group; MV Cotspin Ltd; Synergy Environics Ltd; Ajit Industries Pvt Ltd; P S BEDI & Co.; Indian Farmer &Fertilizers Corporation Ltd; Jindal Steel; Hindware Sanitary; Modern Automobiles; Livit Ltd; Central Coalfields Ltd ; Axa Parenterals; Bhagwati Plastic and Pipes Industries; J K Insurance Brokers Ltd; DD Pharmaceutical Ltd.
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Warm Regards,
Media Division
PHD Chamber of Commerce and Industry