Insolvancy of industries & bank corruption has become a global problem: Subrota Das

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Insolvancy of industries & bank corruption has become a global problem: Subrota Das

Seminar on IBC Code 2016 held at PHDCCI

Provision to repay secured creditors first in IBC

Industrialists, HR Professionals, Advocates and Insolvency Professionals participated

Chandigarh. Insolvency is no longer a region related issue but has become a global issue. The above views were addressed by Subrata Kumar Das, Member (Technical), National Company Law Tribunal, Chandigarh Bench, as a guest of honor in the conference organized by PHD Chamber of Commerce and Industry on the subject of Impediments in Approval and Implementation of a Resolution Plan.Apart from industrialists, insolvency professionals, HR professionals, advocates participated in this seminar.

Das said that at present young entrepreneurs are setting up industries without studying in the field.This is causing Insolvancy later. Youth should set up industries in a planned manner with field study. Insolvancyof industries is becoming a global problem.He said that 100 million dollars has been lost so far due to bank corruption.

Speaking on the occasion, Tribunal Member (Judicial) Harnam Singh Thakur said that through The Insolvency and Bankruptcy Code, industries on the verge of bankruptcy can be saved. He informed that through IBC 2016 the money of secured creditors will be repaid first. After that the liabilities of EPFO, Gratuity, ESI and others are settled.Justice Thakur said that amendments and changes are taking place in the Industrial Law continuously.
Studying which is necessary for industrialists. With the knowledge of Industry Law, industries can be saved from Insolvancy.

Speaking on the occasion, G.P. Madan, Chair, PHDCCI NCLT & IBC Committee, said that through such events, the Chamber creates awareness among industrialists.mSuch programs will be expanded to provide knowledge about NCLT and IBC in future.Abhishek Anand, co-chair of the IBC committee, said that the role of industrial development is important in the growth of GDP.mHe said that if banks give loans, then it is also necessary to guide the industries from time to time.

During the second session, the panel comprising of Senior Advocates Anand Chhibber, JK Grover, Advocates Atul V. Sood, Ramanjit Singh along with Justice Thakur discussed the issue of Insolvency and Bankruptcy Code (IBCR) which came into force in the year 2016. E.C.), EPFO, Gratuity, ESI, and discussed in detail about tax and other government authorities.Karan Mehra, Co-Chair of PHDCCI IBC Committee, Rajesh Sharma, Local Director Bharti Sood and many dignitaries were present on the occasion.

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