The Insolvency and Bankruptcy has been a Path-Breaking reform in India: Resolution professionals

Resolution professionals from leading consultancies and law firms gathered yesterday at a Master Class organized by Alvarez & Marsal India for Resolution Professionals to discuss practical and operational considerations during Corporate Insolvency Resolution Process and highlight the challenges Resolution Professionals and Advisors face in these situations.

Speaking at the Masterclass on “Role of Advisors in Assisting a Resolution Professional to Efficiently Manage Certain Key Areas during the Corporate Insolvency Resolution Process”, Dhruv Phophalia, Managing Director, Bankruptcy Administration said that The Insolvency and Bankruptcy has been a Path-Breaking reform in India. He further added that a resolution professional takes on one of the largest and most significant roles in managing the entire operations and bankruptcy administration of the debtor. “It is pretty clear from the provisions of IBC Section 18 and 25 that amongst other things, the Resolution Professional (RP) is required to protect the assets of the Corporate Debtor, including ensuring continued business operations.”

The esteemed speakers included advisors from law firms, Cyril Amarchand Mangadas, Trilegal and Shardul Amarchand Mangadas, Alvarez & Marsal representatives amongst others.