“18 th August, 2019:?Centre for Corporate Law has organized a Guest Lecture by Mr. Swarnendu Chatterjee on ‘Insolvency and Bankruptcy Code, 2016’ “.

Centre for Corporate Law, NLUO organised a session on Insolvency and Bankruptcy Code, 2016: Draftings and pleadings on 18^th August, 2019. The session was taken by Mr. Swarnendu Chatterjee. Mr. Swarnendu Chatterjee is an advocate practising in the Supreme Court of India, Delhi High Court, NCLT and NCLAT for the past seven years. He was a junior to late senior advocate Mr. PP Rao. He currently works with MAP Corporate Legal. He also argued the famous case of Moser bear Karamchari Union for workmen dues where the National Company Law Appellate Tribunal was pleased to hold that provident fund, gratuity and pension dues are not a part of waterfall mechanism.

In the session he discussed the waterfall mechanism provided under Section 53 of IBC in detail and certain loopholes in IBC. He also shed light on the fact that the dues of the workers should be directly paid to them and that would not fall under the waterfall mechanism of distribution of assets. Further, he also discussed the concept of ‘liquidation estate’ and that it comprises of the assets over which the Corporate Debtor has ownership rights. He also explained in detail how the IBC proceedings are initiated and why the new insolvency regime was the need of the hour.

The session resulted in an intense discussion on the recent amendments in Insolvency and Bankruptcy Code, 2016 and was very enriching for all the corporate law enthusiasts in our university.