IICA hosts key session on IBC as an evolving law
New Delhi, Sep 20
The Indian Institute of Corporate Affairs hosted a session on "IBC as an Evolving Law Through the Amendments", highlighting the need for regulatory mechanisms to keep pace with changing markets, according to a statement issued by the Ministry of Corporate Affairs on Sunday.
Former Chairperson of the Insolvency and Bankruptcy Board of India (IBBI) M. S. Sahoo said economic legislation and regulatory mechanisms must continuously evolve in response to market realities.
He noted that markets evolve faster than litigation can keep pace with, making subordinate legislation and regulatory mechanisms vital for addressing emerging situations.
Sahoo, an expert on the Insolvency and Bankruptcy Code (IBC), provided participants with a perspective on its evolution through successive amendments and regulatory developments.
He explained that regulations can be framed to implement the Code's provisions and achieve its objectives, enabling the insolvency framework to respond more effectively to practical challenges.
The session gave PGIP participants insights into the dynamic nature of insolvency law, the relationship between legislation, subordinate legislation, and market developments, and the importance of adapting the insolvency framework to address emerging economic and legal challenges.
The interaction offered students an opportunity to understand the IBC not merely as a static statute but as an evolving economic law shaped by market experience, judicial interpretation, regulatory interventions, and legislative amendments.
The session was hosted under the IICA's "Meet the Legend" programme. It commenced with remarks by Gyaneshwar Kumar Singh, DG & CEO, IICA, who stressed the importance of learning directly from distinguished practitioners and thought leaders who have contributed significantly to the evolution of India's insolvency ecosystem.
— IANS
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