ICAI Inaugurates Largest Global Insolvency and Valuation Convention in India – RESOLVE-2024
New Delhi, July 13th, 2024: The Institute of Chartered Accountants of India (ICAI) inaugurated the 2nd edition of RESOLVE-2024, the International Convention on Insolvency Resolution and Valuation at Bharat Mandapam, New Delhi, India. The theme of the conference “Enabling Resolution Maximizing Value” aims to foster the adoption of global best practices in the industry. The two-day event will host over 40 eminent speakers across 14 technical sessions covering the most relevant and contemporary topics in the space of insolvency resolution. The event is bringing together over 500 insolvency and valuation professionals, making it the largest insolvency convention in India.
The RESOLVE 2024 was inaugurated by the Guest of Honour, Hon’ble Justice Shri Ashok Bhushan, Chairperson, National Company Law Appellate Tribunal (NCLT) and Shri Ravi Mital, Chairperson, Insolvency & Bankruptcy Board of India (IBBI) in presence of CA. Ranjeet Kumar Agarwal, President, ICAI, CA. Charanjot Singh Nanda, Vice-President, ICAI, CA. Gyan Chandra Misra, Chairman, Insolvency & Valuation Standards Board of ICAI, CA. Durgesh Kumar Kabra, Vice-Chairman Insolvency & Valuation Standards Board of ICAI along with CA. (Dr.) Jai Kumar Batra, Secretary, ICAI and CA. Navya Malhotra, Secretary, NIRC.
During the inaugural session Hon’ble Justice Shri Ashok Bhushan, Chairperson, National Company Law Appellate Tribunal (NCLT) commended ICAI for organizing the 2nd edition of Resolve 2024. He said, “Since its inaugural convention in Singapore a year ago, RESOLVE has played a crucial role in fostering growth and boosting investor confidence. The landscape of insolvency and bankruptcy has evolved significantly, with the Insolvency and Bankruptcy Code (IBC) becoming pivotal in addressing corporate distress. ICAI is playing a key role in understanding the intricacies and promoting best practices in this emerging landscape. In the dynamic economy, the accountancy professionals must stay ahead of the curve and learn to navigate the evolving landscape of insolvency and valuation with confidence and expertise.”
Guest of Honor, Shri Ravi Mital, Chairperson of the Insolvency & Bankruptcy Board of India (IBBI), highlighted that soon IBC will be celebrating its 8th Year of existence and during this journey, it has transformed the debtor-creditor relationship. He said, “The IBC has successfully settled around 28,000 cases, and around 3.4 lakh crore debt has been settled. India has outperformed many countries in insolvency resolution, and our resolution professionals should extend their expertise globally. IBC not only protects creditors interests but also promotes economic growth in the nation, which is reflected by NPAs being at the lowest levels.
He further said that “It is crucial for project completion to be timely and efficient. Faster resolutions can address many concerns. Innovations in this area can help solve many cases and improving the quality of information Memorandums to be transparent can help give better results. I am thankful to ICAI for organizing such conferences, which enhance our understanding and contribute to the success in insolvency resolution.”
RESOLVE 2024 will provide a unique opportunity for professionals from around the world to convene, learn and share insights on the latest practices and Innovations in insolvency resolution and valuation.
Addressing the participants CA. Ranjeet Kumar Agarwal, President, ICAI said, “The Insolvency and Bankruptcy law started in 2016, and since then, India has shown remarkable progress despite having limited resources but unlimited talent. In our country, value creation is essential, and we have witnessed the lowest non-performing assets (NPA) in the banking system over the last decade, i.e., 2.8% of the total advances. Banks are now focusing on infrastructure and sustainable growth. The role of insolvency professionals is crucial, with over 55% of the 4600 insolvency professionals being Chartered Accountants. The insolvency and bankruptcy laws are evolving and setting new benchmarks.
He further added, “I have three suggestions on how the insolvency and bankruptcy law can be strengthened and enhanced. First, we must focus on strengthening the institutional framework and establishing more benches and appointing more Judges to support the IBC. Second, we need to improve resolution timelines of 330-days to ensure that cases are resolved efficiently and third, we should promote alternative dispute resolution systems.”
CA. Charanjot Singh Nanda, Vice President, ICAI, said, “Today marks a landmark gathering for ICAI. The conference promises to be thrilling, setting new benchmarks and fostering lasting collaborations. The insolvency resolution & valuation have emerged as a crucial pillar underpinning economic stability and growth. With IBC things have gone so smoothly that India has become the most favourable investment destination in the world. RESOLVE-2024 is an unparalleled event where attendees will leave enlightened, paving the way for a more resilient insolvency resolution ecosystem. Let us all absorb the knowledge shared here and collectively pave the way forward. Together, we embark on this exciting journey to strengthen our profession and contribute to India’s economic growth.”
CA. Gyan Chandra Misra, Chairman, Committee on Insolvency & Bankruptcy Board, ICAI said, “RESOLVE-2024 marks a significant milestone in our collective pursuit of fostering a robust and inclusive insolvency resolution framework, not only within India but also on a global scale. This RESOLVE series, initiated last year, reflects our commitment to shifting focus from mere insolvency to effective resolution. With insolvency resolutions totaling INR 3.30 lakh crore achieved so far, new opportunities abound. Indian insolvency resolution professionals are poised to extend their expertise globally, further solidifying our influence on the international stage.
RESOLVE 2024 is organised in collaboration with the Insolvency and Bankruptcy Board of India and the Indian Institute of Insolvency Professionals of ICAI, the Registered Valuers Organisation of ICAI and hosted by NIRC of ICAI. The convention has attracted over 500 professionals and key stakeholders from various countries across the globe. A concept paper summarizing the outcomes of the two-day deliberations will be presented to IBBI.
