Cuttack: The chairman of the Insolvency and Bankruptcy Board of India (IBBI), MS Sahoo, delivered a special lecture on the theme of ‘Changing dimensions of insolvency laws in India’ in National Law University(NLU), here on Monday.
Sahoo dealt with a wide array of issues, stressing highly upon the importance and impact of freedom to carry out trade and implement new policies, the gradually changing scope of economics in modern day marketplace, and the stark contrast in the economic development of India, in the pre and post-liberalisation era.
Stressing the need of the IBBI, he said that further development is required in the sector. He admitted that the IBBI is facing challenges because of its nascent existence. He also elaborated on the distinction between legislative laws and tribunal based regulations like SEBI.
The IBBI chairman tried to explain the role of the Board with historical anecdotes such as penalties for bankruptcy in medieval England, and the policies of Chengiz Khan regarding insolvents, and traced their gradual evolution to show their current parallels on the world market scenario.
At the conclusion of the session, Sahoo felicitated the winners of NLUO’s internal moot court competition. Professor (Dr.)Kondaiah Jonnalagadda presided over the session.