The NCLT Colloquium – New Concepts, Evolving with Technology and Resolving the Insolvency and Bankruptcy Code was held from 25 March 2023 to 26 March 2023 at Bengaluru. The programme brought together Hon’ble Members of the National Company Law Tribunal from various Benches across the country, senior officials from the Insolvency and Bankruptcy Board of India, National e-Governance Services Limited, National Informatics Centre, and officers of the NCLT Registry, along with learned representatives from the Bar.
The Colloquium provided a structured platform for deliberation on procedural, technological, and jurisprudential challenges under the Insolvency and Bankruptcy Code, with a focus on improving admission timelines, enhancing uniformity in adjudication, leveraging technology, and strengthening value maximisation outcomes.
OVERVIEW OF THE COLLOQUIUM
The two-day Colloquium was designed as an intensive and interactive forum for exchanging institutional experiences and best practices across NCLT Benches. The deliberations focused on addressing systemic delays, improving procedural efficiencies, integrating technology into adjudicatory processes, and reinforcing the core objectives of the IBC.
The key objectives of the Colloquium included:
- Identifying challenges affecting timely admission of applications under Sections 7, 9, and 10 of the IBC.
- Examining causes of delay in approval of resolution plans and related interlocutory applications.
- Discussing the role of Information Utilities and effectiveness of Records of Default.
- Exploring simplification and streamlining of procedures under Sections 230–232 of the Companies Act, 2013.
- Promoting uniformity in adjudication and exchange of best practices across NCLT Benches.
- Assessing the role of technology, data analytics, artificial intelligence, and digital platforms in improving insolvency outcomes.
The inaugural ceremony began with the lighting of the ceremonial lamp by Hon’ble Chief Justice (Retd.) Shri Ramalingam Sudhakar, President, NCLT; Shri Debajyoti Ray Chaudhuri, MD & CEO, NeSL; Shri Ritesh Kavadia, ED, IBBI; and Hon’ble Members of the Tribunal.
BENGALURU COLLOQUIUM
Shri Debajyoti Ray Chaudhuri delivered the welcome address and opening remarks, highlighting the technological capabilities of Information Utilities, particularly NeSL, in fulfilling statutory responsibilities under the Code. He emphasised the growing importance of pre-admission information submission and the evidentiary value and effectiveness of the Record of Default. Shri Ritesh Kavadia, ED, IBBI, shared the regulator’s perspective and stated that IBBI continuously draws guidance from orders of the NCLT and NCLAT while formulating amendments to regulations. He informed the participants that multiple reforms to the Code were underway to assist stakeholders in achieving value maximisation within statutory timelines.
Hon’ble Chief Justice (Retd.) Shri Ramalingam Sudhakar, President, NCLT, delivered the special address, setting the thematic direction for the Colloquium. He urged participants to focus discussions on critical operational challenges, best practices in court functioning, and actionable recommendations to be deliberated over the two days.
