Insolvency and Bankruptcy Code: Covid response and planning ahead
April 30, 2020 | New Delhi
Shardul Amarchand Mangaldas partnered with CII, in organising a webinar on the “Insolvency and Bankruptcy Code: Covid Response and Planning Ahead”. Mr Shardul Shroff, Executive Chairman and National Practice Head – Insolvency and Bankruptcy delivered the keynote remarks and elaborated upon the key developments in the Insolvency and Bankruptcy Code in aftermath of the Covid-19 pandemic. Referring to the intended suspension of Sections 7,9 and 10 and introduction of Section 10 A by the Cabinet, Mr Shroff shares insights regarding whether it is an appropriate remedy in the context of Covid. His concluding remarks highlighted that the focus of IBC is to let the company stay as a going concern.
Thereafter, our Partners Anoop Rawat, Veena Sivaramakrishnan and Misha conducted an interactive panel discussion covering the following points – Maintaining going concern in ongoing situation – RPs duties and immunities; Post Covid – Likely impact on ongoing CIR processes; Covid impact – Liquidation value for dissenting creditors under IBC; and suspension of IBC vs. Alternate resolution – Objective and efficacy.