The Indian Institute of Corporate Affairs (IICA), Manesar, hosted an insightful session on "IBC as an Evolving Law Through the Amendments" as part of its "Meet the Legend" programme. The session featured Dr. M.S. Sahoo, former Chairperson of the Insolvency and Bankruptcy Board of India (IBBI), who is recognized as a key figure in the development and evolution of the Insolvency and Bankruptcy Code (IBC).
Shri Gyaneshwar Kumar Singh, DG & CEO of IICA, welcomed participants and set the context, emphasizing the importance of learning from distinguished practitioners who have contributed significantly to India's insolvency ecosystem development.
Dr. Sahoo provided a comprehensive perspective on IBC's evolution through successive amendments and regulatory developments, drawing on his extensive experience. He discussed the concept of experimentation in economic laws, stressing that economic legislation must continuously evolve in response to changing market realities. A key insight was that markets evolve much faster than litigation can keep pace with, making subordinate legislation and regulatory mechanisms crucial instruments for responding to emerging situations. He explained that regulations can be framed both for the provisions of the Code and for achieving its purposes and objectives, enabling the insolvency framework to respond more effectively to practical challenges.
The session offered PGIP participants valuable insights into the dynamic nature of insolvency law, the relationship between legislation, subordinate legislation and market developments, and the importance of continuously adapting the insolvency framework to address emerging economic and legal challenges. Participants gained understanding of IBC not as a static statute but as an evolving economic law shaped by market experience, judicial interpretation, regulatory interventions and legislative amendments.