~ The two-day workshop aimed to explore challenges and opportunities for insolvency professionals within the insolvency ecosystem in India and draw insights from global practices
~ The workshop brought together various stakeholders including members of academia, insolvency professionals, and researchers
March 03, 2025: The Misra Centre for Financial Markets and Economy at the Indian Institute of Management Ahmedabad (IIMA), in collaboration with the Insolvency and Bankruptcy Board of India (IBBI), organised the second edition of the Annual Research Workshop on Insolvency and Bankruptcy on March 1-2, 2025.
The inaugural session was attended by Professor Satish Deodhar, Dean (Faculty), IIMA; Hon’ble Chief Justice (Retd.) Ramalingam Sudhakar, President, National Company Law Tribunal (NCLT); Mr. Ravi Mital, Chairperson, IBBI; and Mr. Avinash Desai, Senior Advocate, Telangana High Court.
The two-day workshop aimed to understand the challenges and opportunities for insolvency professionals within the insolvency ecosystem in India, analyse the insolvency profession’s interaction with various stakeholders, and draw insights from global practices. Spearheaded by IIMA faculty members, Professor M P Ram Mohan and Professor Balagopal Gopalakrishnan, the workshop saw enthusiastic participation from insolvency professionals, researchers, and members of academia.
Professor Satish Deodhar, Dean (Faculty), IIMA, extended a warm welcome to all the participants and expressed his enthusiasm for the upcoming sessions. He hoped that the workshop would prove fruitful for all the stakeholders and that the next two days would foster engaging and insightful discussions, contributing to a deeper understanding of the insolvency ecosystem.
Presenting the inaugural address, Hon’ble Chief Justice (Retd.) Ramalingam Sudhakar, President, NCLT, urged researchers to chart a comprehensive future course of action for the Insolvency and Bankruptcy Code, 2016 (IBC) and NCLT. “The IBC has created a unique ecosystem. India’s insolvency jurisdiction is much ahead of other countries. Looking to the future, we would like to chart out a 10-year plan from an independent third-party perspective. This plan would outline the roadmap for future amendments and improvements to the code, ensuring its continued relevance and effectiveness”, he said.
Mr. Ravi Mital, Chairperson, IBBI, noted the significance of such conferences and their role in policymaking. He stated, “We take these conferences very seriously and carefully listen to researchers and their insights, which helps us in policymaking. We note every suggestion that is made during paper presentations, then review these suggestions and evaluate their potential for implementation.” He also highlighted the achievements of the IBC and its impact on various sectors, including the Indian credit market, steel industry, and real estate sector.
Mr. Avinash Desai, Senior Advocate, Telangana High Court, said, “IBC has changed the Indian economic and financial landscape providing a streamlined, time-bound, and creditor- driven mechanism to solve corporate distress. Before its enactment, India’s insolvency resolution process was sluggish, inefficient, and heavily skewed in favour of defaulters, leading to significant delays and poor recovery rates. The IBC has significantly improved this and has instilled credit discipline, improved investor confidence, and even strengthened India’s ease of doing business ranking.” He also shared some good practices from other countries which can be brought to India. He added that it is crucial to remain vigilant to emerging challenges and ensure that the IBC framework evolves to address the dynamic needs of the economy.
The inaugural session was followed by an insightful panel discussion on ‘Assessing the Insolvency Profession’, featuring Mr. Rahul Madan, Managing Director, Indian Institute of Insolvency Professionals of ICAI; Mr. Shiv Anant Shanker, Chief General Manager, IBBI; Mr. G S Narasimha Prasad, Managing Director, Insolvency Professional Agency of ICAI; and CA Sunit Shah, Insolvency Professional, SKYZ & Co. Chartered Accountants. The panel discussion shed light on the complexities and evolution of the insolvency profession and the roles of different entities involved. Participants highlighted the role of Insolvency Professional Agencies (IPAs) in developing the insolvency profession ecosystem and its challenges, the parameters on which the regulators assess insolvency professionals, IPAs and enforcement of professional standards of insolvency professionals, and their own experiences of working in the insolvency ecosystem.
Over two days, the workshop also featured several thought-provoking paper presentation sessions on various topics related to the insolvency ecosystem.
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About IIM Ahmedabad:
The Indian Institute of Management Ahmedabad (IIMA) is a premier global management Institute that is at the forefront of promoting excellence in the field of management education. In more than six decades of its existence, the Institute has been acknowledged for its exemplary contributions to scholarship, practice, and policy through its distinctive teaching, high-quality research, nurturing future leaders, supporting industry, government, social enterprise, and creating a progressive impact on society.
IIMA was founded as an innovative initiative by the Government, industry, and international academia in 1961. Since then, it has been consolidating its global footprint and today it has a network with over 80 top international institutions and a presence in Dubai. Its eminent faculty members and more than 44,000 alumni, who are at the helm of influential positions in all walks of life also contribute to its global recognition. Over the years, IIMA’s academically superior, market-driven, and socially impactful programmes, have earned a high reputation and acclaim globally. It became the first Indian institution to receive international accreditation from EQUIS. The Institute is also placed first in the Government of India’s National Institutional Ranking Framework (NIRF), India Rankings 2024. The Institute has been ranked 43rd globally in the Financial Times (FT) Executive Education Rankings 2024. The renowned flagship two-year Post Graduate Programme in Management (PGP) is ranked 39th in the FT Masters in Management Ranking 2024 and the one-year Post Graduate Programme in Management for Executives (PGPX) has been ranked 31st in the FT Global MBA rankings 2025.
IIMA offers consultancy services and more than 200 curated executive education programmes in customised, blended, and open enrolment formats for a diverse audience comprising business leaders, policymakers, industry professionals, academicians, government officials, armed forces personnel, agri-business, and other niche sector specialists and entrepreneurs.
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