CNLU students learn about insolvency, bankruptcy code

PATNA:

Patna

high court judge Justice Anil Upadhyay on Saturday said the insolvency and

bankruptcy

code would protect rights of creditors and shareholders in the country. He was addressing a UGC-sponsored seminar on ‘Insolvency and Bankruptcy Code, 2016: A paradigm shift’ at Chanakya National Law University (

CNLU

) here.


U K Chaudhari, president of

National Company Law Tribunal

, said insolvency and bankruptcy law provided a sustainable solution which had not been adequately addressed earlier.

Sumant Batra, a senior international consultant and insolvency lawyer, described the law as very dynamic which evolved by factors of the market. He said the law has greatly improved India’s ranking in ease of doing business. He informed the CNLU students about opportunities available for them in insolvency and corporate advocacy.

Justice Mukhopadhyay, retired judge of Supreme Court of India and chairman of National Company Law Appellate Tribunal, discussed various intricacies of this code and said thanks to this law, the board of directors cannot decide liquidation of a company on its own. He called upon the participants to explore vast opportunities of advocacy brought in by this seminal code.

The seminar saw eight technical sessions which encompassed various gamuts of insolvency and bankruptcy code and more than 100 scholarly research papers were presented by participants coming from different parts of the country. CNLU vice-chancellor Justice Mrisula Mishra, registrar Manoranjan Prasad Srivastava, teachers and students also attended the seminar.