While speaking to the Chartered Accountants at Seminar on Insolvency & Bankruptcy Code (IBC) hosted by Nagpur Branch of ICAI, Mr. Vilas Parate, Zonal Manager of Bank of India (BOI), congratulated the Nagpur Branch of ICAI for hosting seminar on Insolvency and Bankruptcy Code (IBC) for the benefit of their members to update about the opportunities lies in IBC for the Chartered Accountants. He said that financial institutions are looking for good insolvency professionals and CA’s are the best options for them.
He said that CA’s have thorough practical knowledge about all commercial laws along with experience in Banking procedure. Therefore CA’s have very good opportunities in IBC and apt choice for financial institutions. They can perform different roles for the industry as well as financial institution through this code. He also mentioned about the developments taking place due to the IBC since its introduction, he mentioned about the high profile cases that have been resolved through the IBC proceedings like the Essar Steel, Bhushan Power and Steel, etc.
He mentioned about the importance of the banking sector and their role in the functioning of IBC and also stated that initially the banks were hesitant to go into the proceedings of IBC because it require to book the loss immediately in the books of account of the banker and that is the reason that bankers were initially not willing to get involved in the proceedings. He said that some of the bankers including Bank of India, took the initiative to come forward to book the future losses through IBC proceedings and cleaning their balance sheets from the probable NPA debts now itself and now the bankers are getting the results of their initiative being the most important factor for the performance of the banks.
He appreciated the efforts of Nagpur Branch and appeal the members present to involve themselves as early as possible through IBC in this fast track procedure. He further mentioned about the developments taking place in Central India including Nagpur, Amravati & Raipur and how these IBC proceedings will gain its importance in the coming days.
Suren Duragkar, Chairman Nagpur Branch, thanked ICAI for allotting the prestigious IBC seminar to Nagpur Branch. He said that Nagpur branch is always keen in identifying new opportunities for its members and IBC is one of that opportunity in which members can contribute through their professional skill and expertise. He said that now a days apart from traditional practice CA’s are registering themselves as IBC professionals too. He said that all the speakers have wide knowledge about IBC and urged members present to take maximum benefit of their deliberations.
Abhijit Kelkar Regional Council Member from Nagpur, addressed the gathering by saying that the professionals should be prepared for the various opportunities coming and for that such seminars and workshop are need of the hour and he further mentioned about the industry specific programs being organised at the regional level wherein all the challenges and opportunities and responsibilities which are to be handled by the professionals from the view point of specific industries get discussed.
The Speakers of the seminar were CA. Vikas Rajvanshi from Jaipur, Adv. Rubina Khan from Mumbai, CA Prasad Dharap and CA Charrudatt Marathe both from Nagpur, who deliberated on various subjects relating to IBC and share their knowledge with all the participants.
Saket Bagdia, Secretary Nagpur Branch presented a formal vote of thanks.
Kirit Kalyani Vice Chairman of Nagpur Branch, coordinated the inaugural session, CA. Harish Rangwani and CA. Akshay Gulhane Executive Committee Member, coordinated the technical session.
Prominently present on the occasion were CA. Jiten Saglani, Treasurer, CA. Sanjay Agrawal- WICASA Chairman, CA. Julfesh Shah – Past Vice Chairman WIRC, CA. Swapnil Agrawal, CA. Swapnil Ghate and CA. Umang Agrawal – Past Chairmans Nagpur Branch. The Program was attended by around 75 members from different cities of Vidarbha region.
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