New Delhi, Dec 22: Minister of State for Law, Justice and Corporate Affairs P P Chaudhary has said the government was committed to fast resolution of failing businesses and tackling NPAs.
He was speaking at a function on Friday to mark the release of a book titled “Pioneer – A journey of an IP" authored by CA Devendra Nath here. The Minister said government enacted the insolvency and bankruptcy code in 2016 to ensure expeditious resolution of insolvency related cases in timely manner as the earlier mechanisms of handling insolvencies was ineffective and the cases had been lingering for decades.
Mr Chaudhary said the effective implementation of the code lies in the hands of insolvency professionals.Therefore the insolvency professionals have a responsibility to avoid loss to the nation by salvaging the dying business.
Praising the book he said “ Since this is a new area and this book provides reference study material on the subject for the stakeholders based on the first hand experience of a professional, it would be of immense help for the stakeholders of the corporate ecosystem.
CA Devendra Jain has the distinction of being one of the very few Chartered Accountants who started practicing with focus on “The Insolvency & Bankruptcy Code, 2016 (IBC) immediately after the code was passed in the Lok Sabha in the month of May 2016 and therefore he has the rare privilege of having first-hand experience about the merits of this code.
The book throws light on all the intricacies of IBC and designed to work as the best reference material for all the professionals engaged in the field of Insolvency and Bankruptcy being faced by companies.
CA Devendra Jain practices in Mumbai & Ahmedabad and has always aimed at serving the interest of millions of small investors whose funds are at stake in the occurrences of Insolvency & Bankruptcy.
The launch ceremony was attended by many legal luminaries passionate about this code.
Minister of State for Agriculture and Farmer Welfare Gajendra Singh Shekhawat, National Company Law Tribunal President M.M.Kumar and Dr. Mukulita Vijayawargiya, WTM (Research & Regulation Wing) IBBI were also present on the occasion. (UNI)