ICSI Professionals to be empowered to recover Rs. 25,000 crores Stressed Debts : Binani

Mumbai, Dec 16: “India’s Debt market is bad and over Rs 25,000 crores that is blocked as “Stressed Assets” in the economy can be unlocked in five years with the ICSI training insolvency professionals through the +ICSI Insolvency Professional Agency+,” Mamta Binani, President, Institute of Company Secretaries of India, said at a joint national conclave on “Insolvency & Bankruptcy Code, 2016” organized by ICSI and NSE here today.

National Seminar on “Insolvency & Bankruptcy Code, 2016 organized by ICSI The Institute of Company Secretaries of India (ICSI) and Insolvency & Bankruptcy Board of India (IBBI) organized a joint National Seminar on “Insolvency & Bankruptcy Code, 2016” along with NSE at Mumbai today. Dr. M.S. Sahoo, Chairperson, Insolvency & Bankruptcy Board of India (IBBI) while addressing on the occasion, mentioned that implementation of Insolvency & Bankruptcy Code, 2016 will ensure a timely solution to the insolvency resolution of companies. This has a good mechanism to unlock the value of distressed assets. This is a shift from Debtor’s regime to Creditors regime he said.

CS Mamta Binani, President, The Institute of Company Secretaries of India (ICSI) in her presidential address emphasized the effectiveness of the code and its institutional mechanism for its implementation. She explained about the scope the Company Secretaries can seize for themselves and urged the Company Secretaries to get registered with the ICSI Insolvency Professionals Agency to render their services. CS Mahavir Lunawat, Council Member, The ICSI and Programme Director spoke about the critical aspects of the code and said that this code is really helpful to all professionals in order to equip themselves to face the professional challenges.

Further, CS Vineet Chaudhary, Council Member, The ICSI stressed the urgent need to make a proper analysis and assessment on the accounting and profitability aspects of businesses and also emphasized on constant monitoring as the need of the hour. Distinguished speakers like Mr. Alok Dhir, Dhir and Dhir Associates, a leading Law firm, Ms. Zia Nodi, a leading legal Consultant from Mumbai deliberated through the technical sessions and emphasized that the Company Secretaries should equip themselves with modern tools of analysis without which the resolution process cannot achieve effectiveness. A large number of Professionals attended the National Seminar.