The Insolvency and Bankruptcy Code, 2016 (IBC / Code) is a noble law as it is designed to take care of a person who needs it most, whether it is a company, a LLP, a proprietorship, or partnership firm, or an individual. Over the past five years, the Code, the Insolvency and Bankruptcy Board of India (IBBI), the Adjudicating Authorities (the NCLT) and the Appellate Authority (the NCLAT) for the matters under the Code have had an eventful journey, including that of handling COVID-19 pandemic induced disruptions. Starting from the implementation of the Code, setting up of new organisation and complete infrastructure to handle insolvency activities, the Indian regulatory environment for insolvency and bankruptcy of corporates, to start with, has witnessed a remarkable transition from an archaic resolution and liquidation process to a modern one attempting and facilitating faster resolution of distressed companies and assets. The Supreme Court of India has been proactively clarifying a number of provisions of the Code as they have arisen during the course of its implementation. Having undergone six amendments since its enactment, the Code continues to be a work in progress.
Insolvency resolution regime is an important part of well-governed polity and efficient economy. It enables creation of an environment that is conducive for entrepreneurship and appropriate risk taking, while safeguarding creditors, as well as providing expertise and service for businesses and persons facing financial stress. There is now a growing body of literature that aims to address the gaps between the theoretical aspects of insolvency law and its practice and impact on the ground. Academic knowledge, evidence and expertise can help inform, design, improve and test policy and ultimately make government policy better. Deep research can bring together evidence to support policy makers in achieving real world outcomes. This includes development and use of a sound evidence base through robust and continuous research. It is crucial to continue to study the impact of the insolvency framework created by the IBC, look at its future, investigate its strengths, weaknesses, opportunities, and threats on a regular basis. Deep research can identify how the framework will need to adapt to meet future challenges and how the policy and regulatory framework may complement the ‘ease of doing business’ aspirations of the country. To promote research and discourse in the field of insolvency and bankruptcy, the two-day international research conference calls upon academics & researchers, lawyers, economists, regulators, to submit research proposals.