Meet held on Insolvency and Bankruptcy Laws

Hyderabad: The ICFAI Law School, Hyderabad a constituent unit of The ICFAI Foundation for Higher Education (IFHE) (Deemed-to-be University) is holding a 3-day international conference on “Insolvency and Bankruptcy Laws: Global Response” from March 1-3, at its campus in Hyderabad.

The inaugural session held on Friday was graced by the Chief Guest Injeti Srinivas, Secretary, Ministry of Corporate Affairs, Government of India and Guest of Honour, Dr. M.S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India.

The event was presided by Prof. J. Mahender Reddy, Vice Chancellor, The ICFAI Foundation for Higher Education.

Injeti Srinivas in his address said that the Industrial License Raj has been abolished post 1990’s and MRTP Act paved way for the Competition Act which was instrumental in the prohibition of misuse and abuse of dominance in the competitive market of business world. He said that prior to the introduction of Insolvency & Bankruptcy Code (IBC) 2016 when big businesses and enterprises failed, the capital got locked up with no competition among the entrepreneurs but post IBC, 2016 the scenario has changed encouraging and promoting more and more entrepreneurs to utilise and make use of the locked up fund into the world of business on competitive lines. He concluded by saying that the legislation of IBC, 2016 with its stringent provisions has resulted in a considerable decline of number of defaulters and without any iota of doubt it has proved to be the most successful law after Independence.

ICFAI Society Chair Person Sobha Rani Yasaswy, Prof. Y. R. Haragopal Reddy, Advisor ICFAI Group and Former Vice Chancellor, Acharya Nagarjuna University, Prof. Veena, Coordinator for the program, Prof. Kannan and Prof. R. Ravi Kumar and students & faculty of ICFAI Law School participated in the session in large numbers.