Punjab Newsline, Chandigarh-
The PHD Chamber of Commerce and Industry (PHDCCI) organised the IBC Pulse Conference at Hyatt Regency, Chandigarh, with the key speakers emphasized emerging trends, challenges, and reforms under the Insolvency and Bankruptcy Code (IBC), 2016.
Delivering his keynote address, Justice (Retd.) M.M. Kumar, Founder President of the NCLT and former Chief Justice of the Jammu and Kashmir High Court said that the Union Government established the NCLTs to address long-pending issues faced by industry and to provide an effective dispute resolution mechanism. Since its inception, the NCLTs have played a crucial role in resolving complex industrial and corporate matters. He noted that the IBC, 2016, has significantly simplified and expedited the bankruptcy resolution process, aligning legal mechanisms with economic realities.
Justice Kumar further explained that the establishment of the NCLTs reflects a synthesis of constitutional values, legislative intent, and judicial experience. “It represents a thoughtful effort by the State and Parliament to harmonise the law with the evolving economy and real market conditions”, he added.
In his address Harnam Singh Thakur, former Judicial Member of the NCLT, supported the call for increasing the number of benches and members, along with upgrading basic infrastructure, to reduce pendency and industrial disputes. He described the IBC as one of India’s most significant economic reforms and stressed the need for continuous refinement of the framework to address emerging challenges within prescribed timelines.
While GP Madaan, Chair of the PHDCCI NCLT & IBC Committee emphasised the urgent need to increase the number of NCLT benches and strengthen infrastructure to cope with rising caseloads. He also announced that PHDCCI would continue to organise similar programmes to enhance awareness and understanding of the NCLT and IBC framework.
Earlier, Dr. Jatinder Singh, Deputy Secretary General, PHDCCI, outlined the objectives of the conference and highlighted its focus on policy dialogue, judicial developments, and practical challenges in insolvency resolution.
Senior Advocate and President of the NCLT Bar Association, Dr. U K Chaudhary, pointed out that judicial processes cannot always be strictly time-bound, as courts must hear all aspects to ensure justice. He advocated for more practical timelines and noted that while the Companies Act, 2013, provides for 63 NCLT members, the volume of IBC petitions is several times higher than traditional company matters.
Similarly other prominent speakers including
Rajshekhar V.K., former Judicial Member of the NCLT, Dr. P.S.N. Prasad, former Judicial Member of the NCLT focused on the original strength of members at the time of NCLT’s formation, and substantial changes are now required to meet present demands.
In the panel discussion, the participants L.N. Gupta, former Member of the NCLT, Anand Chibbar, Krishan Singh Barguzar, Dr Vandana Arora, Anil Katia, Shekhar Raj Sharma, and Jalesh Kumar Grover spoke on CIRP in transition- judicial developments and emerging trends. While the Co-Chairs of PHDCCI NCLT & IBC Committee, Ranjana Gawai, Abhishek Anand, Mr. Rachit Mittal and Harish Taneja moderated the panel discussions as more than 200 delegates attended the conference.