Commentary On IBC Authored By Justice L.N. Rao And Adv. Avinash Formally Released By Justice R.F. Nariman
A Book titled, ‘Corporate Insolvency Resolution Process and Liquidation under the Insolvency and Bankruptcy Code, 2016’, authored by Justice L. Nageswara Rao, Former Judge, Supreme Court of India and Mr. Avinash Krishnan Ravi, Advocate (Madras High Court) and published by Lexis Nexis, was formally released by Justice Rohinton F. Nariman, Former Judge, Supreme Court of India on 20th...
A Book titled, ‘Corporate Insolvency Resolution Process and Liquidation under the Insolvency and Bankruptcy Code, 2016’, authored by Justice L. Nageswara Rao, Former Judge, Supreme Court of India and Mr. Avinash Krishnan Ravi, Advocate (Madras High Court) and published by Lexis Nexis, was formally released by Justice Rohinton F. Nariman, Former Judge, Supreme Court of India on 20th May 2023 at Siri Fort Auditorium, New Delhi.
The Book launch event was graced by several Judges of the Supreme Court, Delhi High Court – past and present, several law officers including Attorney-General for India, Mr. Venkatramani, Members of NCLT and NCLAT, Senior Advocates, Advocates, Insolvency Professionals, and their family members and Mr. Rajkumar, Director of Jindal Global School. Notably, Justice L. Nageswara Rao’s school friends also graced their presence in large numbers.
Mr. Goutham Shivshankar, Advocate, started the proceedings of the Event by inviting Justice Ramakrishna Prasad, Judge, Andhra Pradesh High Court at Amaravathi, Justice R.F. Nariman, Justice Ashok Bhushan and Justice L. Nageswara Rao, Former Judges, Supreme Court of India, on the dais.
Justice Ramakrishna Prasad delivered the Welcome Address. With briefly stating the pre-IBC era and narrating the story of Shylock, the money lender from the Shakespeare’s Merhcant of Venice, Justice Prasad welcomed the gathering with short introduction of Justice Nariman, Justice L. Nageswara Rao and Justice Ashok Bhushan. Incidentally, Justice Prasad was Justice Nageswara Rao’s junior and an Advocate-on-Record.
The Book was formally released by Justice Rohinton F. Nariman.
Thereafter, Justice Ashok Bhushan delivered the Introductory Remarks. In his speech, Justice Bhushan gave a bird’s eye view of what the Book had to offer its readers. Remarking about the Book, in the words of Justice Bhushan, “Structured in 38 Chapters, this Commentary covers a wide array of topics related to the IBC, including definitions, threshold for corporate insolvency, admission of corporates into Corporate Insolvency Resolution Process, timelines, limitation, moratorium, liquidation of corporate debtors, schemes under sections 230-232 under the Companies Act, 2013 in liquidation, voluntary liquidation and dissolution of corporate persons. The depth and detail of this work truly set it apart making it an essential read for anyone practicing in the field of insolvency law. The Authors’ mastery of the subject is evident throughout the book. Their ability to articulate complex legal concepts with clarity and precision is truly commendable.”
Praising the Author’s for the meticulous research and in-depth analysis, Justice Bhushan further said that, “This book is more than just a mere Commentary on the Insolvency and Bankruptcy Code! It is the testament to the Authors’ passion for the subject, their diligence and their unwavering commitment into enhancing the understanding the insolvency laws in India. It is a treasure trove of knowledge…”
With conclusion of Justice Bhushan’s speech, the event graduated to its most-awaited phase of Justice Nariman’s key-note address. Justice Nariman picked up exactly from where Justice Prasad left, and he narrated the entire story from Bard of Avon’s Merchant of Venice and how Shylock, the money-lender, lost his entire property in attempt to recover the loan from Antanio. Thereafter, Justice Nariman gave a detailed chronicle of how the pre-IBC era failed to achieve the desired objectives. Towards this endeavour, he painstakingly dealt with the shortcomings of the Sick Industrial Companies Act, 1985, the Recovery of Debts Act, 1993 and SARFAESI Act, 2002, and juxtaposed these with the Insolvency and Bankruptcy Code, 2016.
Thereafter, Justice Nariman reminisced each of his judgments under the IBC, which he authored and narrated what went on the backstage of each of these decisions. He revealed that he adopted the doctrine of Fair Interpretation – something which was a combination of Doctrine of Literal Interpretation and Doctrine of Purposive Interpretation, to unravel several knots of the IBC, which were presented to him. Recommending the Book to the practising Bar and the Members of NCLT and NCLAT, Justice Nariman appreciated the Authors for the usage of “lucid” language of the Commentary to explain ‘very, very’ heavy matters.
Emphasizing on the need of quick decisions, Justice Nariman concluded by saying, “because if this Process goes on and on, then you will come back to the bad old days in which you will have to find some other mechanism with which to resolve these disputes. In fact, in a very witty and beautiful introduction by Justice V. Ramasubramanian ends by saying that, if we don’t watch out, the Insolvency [and Bankruptcy] Code will itself require a Resolution Plan. Hoping that, that day will never come, I heartily recommend the Book.”
Justice R.F. Nariman handed the baton to Justice Nageswara Rao, who started on a lighter note by recalling how some of his invitees misconstrued the e-invite for this Event was about the Book authored by Justice Nariman. Reminiscing his association with Justice Nariman – both as a lawyer and as a Judge, Justice Rao confessed that he has been a recipient of the former’s extraordinary intelligence for a long period of time. He further said that Justice Nariman, through his judgments, gave a direction to the IBC and credited him for bringing uniformity in interpretation of some provisions of IBC. He also thanked Justice V Ramasubramanian and Justice Ashok Bhushan for penning the Introduction and Foreward to the Book.
Reflecting on the reasons for writing the Book, Justice Rao candidly remarked, “After my retirement I found that it was very difficult to adjust. July came and all my colleagues went to the Court. All lawyers were in Court. For about 30-35 years, I was in Court and suddenly I was asked to sit at home. I don’t like being idle.” In the same stride, he thanked his co-author, Mr. Avinash Krishnan Ravi for his contribution and efforts. He concluded by saying that his Book “is not only for legal professionals. As I was going through it [and] I was actually looking at it conceptually – It is not dealt with [IBC] section-wise, but it is dealt with step-wise….”
The curtains of the Event fell with the Vote of Thanks delivered by Mr. Avinash Krishnan Ravi.
Watch the entire video of the Book Launch here: https://www.youtube.com/watch?v=dT_3-xIPS-0&t=813s
Transcript of the Justice Ramakrishna Prasad’s Welcome Address Click Here
Transcript of the Justice Ashok Bhushan’s Introductory Remarks Click Here
Transcript of the Justice Rohinton Nariman’s speech Click Here
Transcript of the Justice Justice L.N. Rao's address Click Here