As part of the ongoing ‘Azadi Ka Amrit Mahotsav’ celebrations, the Insolvency and Bankruptcy Board of India (IBBI) organized a one day, International Conference (Virtual Mode) on “MSMEs: Legislative and Regulatory Challenges” on 3^rd Feb, 2022, in association with UNCITRAL RCAP, Gujarat National Law University (GNLU) and Tamil Nadu National Law University (TNNLU).

Dr. Navrang Saini, Chairperson, IBBI addressed the participants in the inaugural session. While inaugurating the Conference, he highlighted the importance of MSMEs and its significant contribution to the Indian economy along with various challenges faced by them. He also highlighted the various initiatives taken by the Government for supporting the MSMEs. He also dwelt upon the reforms related to Insolvency and Bankruptcy Code, particularly in response to COVID-19 pandemic, specifically to ease the financial distress in MSME sector.

The Conference included four technical sessions and an international roundtable. The sessions covered issues relating to MSMEs: Legal and Regulatory Challenges; MSMEs and Indian Economy: Role of Government; MSMEs and IBC and MSMEs and Impact of COVID-19. Mr. Ritesh Kavdia, Executive Director, IBBI chaired the international roundtable.

The other eminent speakers included Mr. Robert Walters, Professor of Law Victoria University, Australia; Ms. Monica Canafoglia, Legal Officer, ITLD Office of Legal Affairs, UNCITRAL Vienna; Ms. Lyn Martin Professor, Anglia Ruskin University, UK; Ms. Stephanie Rohlfing-Dijoux, Professor, University of Paris; Dr. Rajendra Prasad Gunputh, Dean, School of Law University of Mauritius; Ms. Poonam Sinha Director, Entrepreneurship Education, NIESBUD; Mr. Anurag K. Agarwal, Professor, IIM – Ahmedabad; Mr. Debajyoti Ray Chaudhuri, MD & CEO, NeSL; Mr. Dhananjay Singh (IRS), Deputy Commissioner, CBDT; Prof.(Dr.) Mamata Biswal, Dean of Faculty & Academic Affairs & Professor of Law and ICSSR Senior Research Fellow, Gujarat National Law University and Mr. Rajesh Kumar Gupta, Chief General Manager, Insolvency and Bankruptcy Board of India.

MSMEs regulatory challenges prompt focus on Insolvency and Bankruptcy Code reforms to ease financial distress. Focus on legislative and regulatory challenges confronting MSMEs, emphasizing how the Insolvency and Bankruptcy Code and pandemic-era measures affect MSME financial distress and the need for procedural and policy adjustments to improve restructuring, debt resolution, and access to relief for small enterprises.