On August 5, 2024, the Insolvency and Bankruptcy Board of India (IBBI) organized a significant 'Conclave for Resolution Applicants' at the India International Centre in New Delhi. This event underscored the crucial role resolution applicants play in the successful implementation of the Insolvency and Bankruptcy Code (IBC), offering essential solutions and innovative strategies for the revival of distressed entities.
The conclave was convened to engage directly with resolution applicants, address their concerns, and strengthen the insolvency and bankruptcy framework. It provided a platform for sharing knowledge and experiences among stakeholders, facilitating a richer understanding of the resolution process.
Mr. Ravi Mital, Chairperson of IBBI, opened the event with remarks highlighting the pivotal role of resolution applicants in the insolvency resolution process. He stressed the importance of addressing the challenges faced by resolution applicants and encouraged open discussion to enhance the efficiency of the IBC framework.
The conclave featured extensive discussions, including success stories of corporate debtors and a panel discussion where resolution applicants presented their experiences, challenges, and potential solutions related to the preparation, submission, approval, and implementation of resolution plans. The session aimed to identify corrective measures and foster improvements in the resolution process, reflecting a collective commitment to refining the insolvency and bankruptcy landscape.
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