7th Annual Conference on Insolvency and Bankruptcy Code - 2025

We’re proud to share that our Founder & Managing Partner, Ms. Nivedita Chauhan, was invited as a panelist at the 7th Annual Conference on Insolvency and Bankruptcy Code – Conference and Awards 2025, hosted by Achromic Point on 21st June 2025 at Hotel Orchid, Mumbai.

She spoke during Session 1: “Quandaries under the IBC”, alongside a distinguished panel of legal and industry stalwarts. The Session was wonderfully moderated by Mr. GP Madan, Managing Partner, Madaan Law Offices, who steered the discussion with remarkable insight. The panel featured renowned professionals including Ms. Sugyata Choudhary, Associate Partner, Dhaval Vussonji & Associates, Ms. Yugandhara Shimpi, Head of Legal - India, Dun & Bradstreet India, and Mr. Subir Kumar, Senior Standing Counsel, Central Board of Direct Tax, Ministry of Finance, each bringing their own unique perspective to the discourse. The session brought together insights on the evolving challenges, opportunities, and reform directions within the IBC framework. During the discussion, Ms. Chauhan addressed two critical and evolving quandaries under the IBC:

1. Withdrawal of Resolution Plans under Force Majeure or Delays:

Referring to the judgement passed by the Hon'ble Supreme Court of India in Ebix Singapore Private Limited v. Committee of Creditors of Educomp  Solutions Limited & Anr. in Civil Appeal No. 3224 of 2020 decided on 13.09.2021, she emphasized the urgent need for regulatory clarity on the rights of a Successful Resolution Applicant (SRA) to withdraw from a resolution plan in cases of significant delays in adjudication or unforeseen force majeure events. Such scenarios raise concerns over the enforceability and implementability of resolution plans under Section 30(2) of IBC, 2016, especially when prolonged timelines defeat commercial viability and the principle of finality.

2. Avoidance Transactions and the Role of Third Parties under Section 66 of IBC:

She further critiqued the current exclusion of third parties from initiating proceedings under Section 66 of IBC. Drawing reference from the Order dated 19.05.2023, Gluckrich Capital Pvt. Ltd. v. State of West Bengal & Ors. in M.A. No. 1302 of 2023, she noted that third parties have been effectively reduced to mere recovery claimants and denied standing to trigger avoidance actions, despite often being affected stakeholders. The imbalance raises serious questions about access to remedy and equitable participation under the IBC framework.

At NC Legal, we remain committed to thought leadership, continuous dialogue, and contributing to the evolution of commercial and insolvency jurisprudence in India.