Justice A.K. Sikri, Judge Supreme Court of India, Shri Arjun Ram Meghwal, MoS, Finance Ministry along with Shri A.S. Chandiok, President INSOL India, Shri Sandeep Jajodia, Dr M.S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India, Mr Adam Harris, President, INSOL International and Shri Surendra Malik, MD and Chairman, EBC released ‘Corporate Insolvency’ by Sumant Batra at the International Conference on “New Corporate Insolvency Regime: Ushering an era of change” at the Hotel Ashok on April 28, 2017.
Sumant Batra’s Corporate Insolvency: Law and Practice provides a broad understanding of the principles of insolvency law and the ecosystem in which it functions while referring to the global best practices and experiences of advanced markets. This book contains sections that read more as essays than just explanations of legal and regulatory provisions.
The first two parts of the book contain discussion on the economic reforms introduced in the country after the liberalisation of the economy. A brief overview of the banking sector and state of non-performing assets is also provided for the benefit of those not familiar with its details. The economic rationale of the IBC is also analysed in this part. A broad introduction of institutionalised out of court workout mechanisms functional in India is also provided in the first part.
Various institutions—the regulator, insolvency professionals, information utilities and the adjudicating authority will play a crucial role in the insolvency process. The second part of the book explains the institutional framework of the IBC, so that the flow of the discussion in chapters on resolution and liquidation chapters is not interrupted by the need to explain that beyond, what might be directly relevant.
The third part of the book on corporate resolution process and the fourth on liquidation process are structured to follow the scheme of IBC and not the order in which statutory provisions appear in the IBC on these two processes. In many places, chapters are devoted to subjects that are not part of the legislation but have a strong bearing on the outcome of these processes. Comments on the corporate resolution and liquidation process are kept simple. At many places they are accompanied by reference to the experience and the best practices in other jurisdictions where similar principles and concepts have been operational for a while. Issues that are common to resolution and liquidation process including, remedy of appeal, liabilities of directors and officers of corporate debtor, wrongful and fraudulent transactions are in fifth part. The sixth part deals with cross border insolvency. Key implementation issues of the IBC are discussed in seventh part.
This book serves as a guide for the insolvency professionals and other consumers of the IBC. The book has been structured keeping in view both the Indian and the foreign reader.
Reviews
Sumant is a respected professional and his knowledge and understanding of insolvency law is well-recognised. He has long international experience. He commands full authority on the subject [and] his articulation of the economic, cultural and social dimensions of insolvency law will help readers in understanding the impact insolvency law has on a nation’s market and society. [This] book on corporate insolvency is timely and serves many useful purposes.
–Extract from the Foreword by Justice A.K. Sikri, Judge, Supreme Court of India
A comprehensive book by an eminent insolvency expert at this stage which explains key dimensions of new insolvency law based on best practices and experience in other jurisdictions, with simplicity and clarity, can serve timely and useful purpose for the stakeholders.
–Extract from the Additional Foreword by Justice M.M. Kumar, President, National Company Law Tribunal
Mr Sumant Batra has come up with this elaborate treatise on the Code. I am sure, it will be a great resource for practitioners, policy makers, researchers and academics to understand in detail the change that is in the offing.
–Extract from the Prologue by Dr M.S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India
This is a very timely publication. With this publication, Sumant Batra proficiently explains the advantages of the Model Law and highlights the momentous opportunity India (a member of UNCITRAL since 1968) has, should it consider its adoption.
–Extract from the Message by João RIBEIRO, Head, UNCITRAL Regional Centre for Asia and the Pacific
Sumant Batra is a leading global expert in the areas of bankruptcy, insolvency and corporate debt restructuring and has been at the forefront of developments in international insolvency for many years.
–Extract from the Message by Mahesh Uttamchandani, Practice Manager, Fin. & Mkt. Global Practice, World Bank
We congratulate Mr Batra on his endeavours to provide an early edition roadmap as a guide to the new legislation.
–Extract from the Message by Adam Harris, President, INSOL International
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