The Insolvency and Bankruptcy Board of India (IBBI) in association with ICSI IPA, IllP of ICAI, and IPA of ICAI (Cost), all the three Insolvency Professional Agencies, organised a half-day Conclave of insolvency professionals in Vigyan Bhawan, New Delhi,  Dr. M.S. Sahoo, Chairperson, IBBI; Hon'ble Justice M.M. Kumar, president, NCLT, and Shri Uday Kotak, Executive Vice Chairman & Managing Director, Kotak Mahindra Bank addressed the insolvency professionals at the Conclave.

Dr. M. S. Sahoo in his address on “Building the Institution of Insolvency Professional” exhorted the august to ‘not look for ready-made solutions... (insolvency resolution) requires your full heart’ and, professionals should remain competitive, and be updated.

Hon'ble Justice M.M. Kumar illustrated duties of resolution professional under IBC, 2016 & best practices with case laws and urged the IPs to read and update with settling jurisprudence. Justice Kumar emphasised on more specialised and knowledgeable cadre of insolvency professionals by incorporating continuous professional training and in-house experts and faculties in Insolvency Professional Agencies.

Shri Uday Kotak in his address stressed the role of ‘Insolvency Professional as Key Facilitator for Value Creation’ and underlined the need of more robust and sound process flow in the bidding process of stressed assets of corporates undergoing resolution or liquidation. He emphasised on “plan the work” and “work the plan”.

The conclave ended with the vote of thanks by Shri Sunil Pant, Chief Executive Officer of Indian Institute of Insolvency Professionals of ICAI.

Duties of resolution professionals stressed: continuous training and robust bidding processes to facilitate value creating insolvency resolutions. IBBI convened a conclave highlighting the duties of resolution professional, the need for continuous professional training and specialised in house expertise within Insolvency Professional Agencies, and the role of insolvency professionals as facilitators of value creation through robust process flows and governance in bidding and resolution steps.