The Indian Institute of Corporate Affairs (IICA), in association with Association of Insolvency Professionals Entities (AIPE) organised the Post Graduate Insolvency Programme (PGIP) 6th Batch Convocation alongside a national conference on “Redefining India’s Restructuring Ecosystem: A Decade of Learning — Directions for the Future” on the 13 June 2026 at the Pradhanmantri Sangrahalaya Auditorium in New Delhi.
The event was graced by Harsh Malhotra, Minister of State for Corporate Affairs, as Chief Guest. Justice Ashok Bhushan, Chairperson, National Company Law Appellate Tribunal (NCLAT), delivered the Convocation Address, while Justice Anupinder Singh Grewal, President, National Company Law Tribunal (NCLT), attended as Guest of Honour. Deepti Gaur Mukerjee, IAS, Secretary, Ministry of Corporate Affairs, and Gyaneshwar Kumar Singh, Director General and CEO, IICA, also addressed the gathering. Context setting for the national conference was provided by Sanjeev Pandey, CEO and General Secretary (Honorary), AIPE.
Conducted in hybrid mode, the conference saw participation from delegates attending both in person and virtually. The programme comprised a convocation ceremony followed by four technical panel sessions on cross-border insolvency, early-stage resolution, distressed assets, and the future of India’s insolvency ecosystem.
The Convocation
Welcoming the distinguished guests and participants, Gyaneshwar Kumar Singh set the tone for the day by reflecting on the journey of the PGIP – IICA’s flagship academic initiative, offered through IICA’s Centre for Insolvency and Bankruptcy under the leadership of Sudhaker Shukla. He noted that the two-year full-time residential programme, designed and approved by the Insolvency and Bankruptcy Board of India (IBBI), enables graduates to register as Insolvency Professionals in lieu of the conventional ten-year experience requirement, a distinction that positions the programme as a transformative pathway into the profession. Across seven batches, the programme has built an alumni network of 239 professionals, many of whom are actively handling insolvency assignments across the country.
Drawing on his own association with the IBC as former Joint Secretary (Insolvency), Member of the IBBI Governing Board, and Member Secretary of the Insolvency Law Committee, Singh offered a pointed observation that anchored the day’s discussions.
The convocation ceremony itself saw 40 students of the 6th Batch conferred degrees and certificates by the distinguished dignitaries present on the dais. The Institute also recognised academic excellence within the graduating cohort: Ashish Kumar secured First Position and was awarded a cash prize of ₹50,000; Arun Kumar secured Second Position and received ₹30,000; and K Geetha Vaishnavi secured Third Position and was awarded ₹20,000. The merit awards were sponsored by AZB & Partners in recognition of academic excellence and professional commitment.
The occasion also featured several institutional announcements. The National Conference Souvenir, documenting the evolution, jurisprudence, and impact of the IBC over its first decade, was formally released. The PM Vidya Lakshmi merit-cum-means scholarship for PGIP students was announced, ensuring that talent rather than financial means determines access to premier insolvency education. The One Nation One Subscription (ONOS) platform was extended to IICA, providing faculty, researchers, and students with seamless access to leading global academic journals, legal databases, and knowledge resources.
Panel I – Cross Border Insolvency Framework under IBC: Global Standards, Domestic Readiness and Strategic Challenges
The first technical panel examined India’s readiness for cross-border insolvency. This panel was moderated by Anoop Rawat and consisted of panellists: Suharsh Sinha, David Welford, Sumant Batra, Anita Shah Akella, Scott Atkins and Pooja Bahry. Discussions focused on challenges arising from the absence of a comprehensive framework, including jurisdictional conflicts, coordination of parallel proceedings, and asset protection. Panelists examined the enabling provisions introduced through the IBC (Amendment) Act, 2026, India’s proposed adoption of the UNCITRAL Model Law on Cross-Border Insolvency, and the need for greater regulatory and judicial readiness. The panel also highlighted group insolvency as an important area requiring further development and emphasised the importance of aligning India’s insolvency framework with international standards.
Panel II – Reimagining Early-Stage Resolution Under the IBC: Pre-Packs, CIIRP, Hybrid Reolution Models and the Expanding Role of ADR Mechanisms
The second session featured a panel consisting of Sanjeev Pandey, L.N. Gupta, Sandip Garg, CA Anil Goel, Vipin Agarwal, Sundaresh Bhat and Arun K Yadav. The panel examined mechanisms for early-stage resolution of financial distress, with a focus on the newly introduced Creditor-Initiated Insolvency Resolution Process (CIIRP). Discussions covered the framework’s potential to enable faster resolution of stressed assets, the safeguards built into the process, and measures required for its effective implementation. Panellists also discussed challenges affecting the adoption of pre-packaged insolvency processes in India and explored the role of mediation, arbitration, and other ADR mechanisms in reducing litigation and preserving enterprise value. The need for regulatory reforms to facilitate timely intervention before significant value erosion was also highlighted.
Panel III – Unlocking Value in Distressed Assets: Building a Mature Distressed Asset Ecosystem through ARCs, AIFs and Institutional Capital
The third panel composed of Hari Hara Mishra, P Santosh, Jalesh Grover, Udayraj Patwardhan, G. P Madaan and Jayesh Sanghrajka. The panel examined the evolution of India’s distressed asset market and the expanding role of Asset Reconstruction Companies (ARCs) and Alternative Investment Funds (AIFs) in corporate rescue, turnaround financing, and value creation. Discussions highlighted the growing importance of institutional capital in supporting business revival and preserving enterprise value under the IBC framework.
Panellists also explored reforms needed to deepen the secondary market for stressed assets, strengthen rescue financing mechanisms, and improve market liquidity. The discussion further considered opportunities and challenges relating to foreign investment in distressed assets, including regulatory certainty, taxation, and enforcement, while emphasising the need for a transparent and efficient ecosystem to attract long-term capital.
Panel IV – The Road Ahead: Building a Future-Ready Insolvency Ecosystem through Early Warning Systems, Resolvability Frameworks, Innovation and Institutional Preparedness
The last session had a panel consisting of Anil Kohli, Vikas Goel, M.S. Sahoo, Anju Agarwal, CA Manindra K. Tiwari, CA (Dr.) Ashoka Haldia and Debajyoti Ray Chaudhuri. The panel looked ahead, examining what a resilient, technologically advanced, and institutionally robust insolvency ecosystem would look like for India in the decade ahead.
Early warning systems were a central theme. Participants noted that India’s insolvency framework remains primarily reactive, triggered by default rather than designed to intervene when financial stress first emerges. Building credible financial health monitoring tools, pre-distress intervention mechanisms, and early warning indicators that operate across banking, regulatory, and judicial systems was framed as a fundamental reform priority for the next decade.
The panel also discussed the concept of resolvability or “Living Will” frameworks for large and systemically important enterprises, under which companies would prepare for orderly resolution before financial distress arises. Such frameworks were viewed as a means of reducing systemic risk and improving resolution outcomes. Discussions further explored the role of technology in strengthening the insolvency ecosystem, with particular focus on the use of artificial intelligence, data analytics, and integrated digital platforms to enhance transparency, improve efficiency, reduce litigation, and support faster decision-making.
The decade ahead
As the conference drew to a close, the Vote of Thanks was proposed by Sudhaker Shukla, Former Whole-Time Member, IBBI, and Head, Centre for Insolvency and Bankruptcy, IICA, who expressed gratitude to the distinguished speakers, panellists, delegates, partners, and participants for their valuable contributions.
The conference reaffirmed a collective commitment across the insolvency community, judicial, regulatory, professional, and academic, to strengthening India’s restructuring framework and charting a forward-looking roadmap for the decade ahead.
Reported by: Sourav Ghosh, Damodaram Sanjivayya National Law University, Vishakhapatnam and Sudikshaa Pandey, Dr. B.R. Ambedkar National Law University, Sonepat
