School of Law Conducts Webinar Series on Corporate Insolvency Law
KIIT Centre for Studies in Business and Corporate Law (KCBCL), School of Law conducted a webinar series on ‘Corporate Insolvency Law’ over Zoom platform on 17th April 2021. It was graced by an eminent academician and speaker Prof. (Dr.) Indrajit Dube, Professor of Law, Indian Institute of Technology (IIT) Kharagpur. The topic of the webinar was “Creditors’ Right Under India’s New Insolvency Code and Governance Implications.”
Speaking on the subject, Prof. Dube narrated the plight of the home buyers to get their dream homes. Pendency of several cases before the judiciary as well as several reports highlighted their plight, he remarked. The Supreme Court took initiative and promised to put whatever it takes to secure the interests of the home buyers, added Prof. Dube. He went through critically appraising the case of Jaypee Infratech Ltd., which is being treated as financial creditors at par with banks and financial institutions and compared with financial creditors in liquidation. He emphasized in giving the home buyers a status of financial creditors, which would justify and provide the required protection to their interests.
Prof. (Dr.) Indrajit Dube highlighted the plight of the home buyers in the Real Estate (Regulation and Development) Act, 2016. One such instance could be incorporated when a real estate company fails to deliver the project as guaranteed, the home buyers will have a right to get the money back, he opined. He laid focus on the fact that the suppliers and the creditors should be treated differently. Lastly, Prof. Dube appraised the reality of changes that are required in the legislation for a better and a holistic approach of the Insolvency and Bankruptcy Code, 2016 and the homebuyers.
Earlier, Prof. (Dr.) Bhavani Prasad Panda, Director, KIIT School of Law & Chairperson of KCBCL, in his welcome address, discussed his understanding on “how businesses are a part of our day to day lives”. The speaker was introduced by Prof. (Dr.) Shakti Deb, Webinar Convenor, Assistant Professor, School of Law & Faculty Member, KCBCL. The year 2016 marked a year of innovation in the Insolvency Regime in India, while it is still an evolving jurisprudence, he stated.
The discussion was followed by a question-answer session. The vote of thanks was proposed by Prof. Mrs. Ipsita Das, Centre Coordinator, KCBCL & Assistant Professor, School of Law. As many as 85 participants comprising LLB & LLM students, professors and professionals joined the webinar.