Questions

1. Legislative and Policy Evolution

o How has recent insolvency legislation (and subsequent
amendments) transformed the landscape of corporate
debt restructuring and bankruptcy resolution?
o To what extent have international models or global best
practices (e.g., U.S. Chapter 11 or U.K. administration)
influenced current national insolvency laws?
2. Significance of “Default” and Initiation of Proceedings
o In practice, how have courts and tribunals interpreted
the concept of “default” as a threshold for triggering
insolvency?
o Has the recent case law granting courts/tribunals some
discretion (e.g., the Vidarbha decision) significantly
altered the process or introduced uncertainties in
initiating corporate insolvency?
3. Operational vs. Financial Creditors
o What are the ongoing challenges in distinguishing
between financial and operational creditors, and how
does the classification affect the restructuring
outcomes?
o How effective are the safeguards ensuring operational
creditors (including employees, trade unions, and
smaller suppliers) are treated fairly, especially regarding
voting rights and distributions?
4. Moratorium and “Calm Period”
o In what ways has the moratorium under the law
succeeded or failed in its goal of creating a “calm
period” to facilitate genuine restructuring efforts?
o Should there be further clarifications or exceptions (for
instance, with quasi-criminal proceedings such as
cheque-bounce matters under the NI Act or pending
arbitration) to better balance creditor rights and debtor
protection?
5. Role and Accountability of Insolvency Professionals
o How have the powers of resolution professionals (RPs)
evolved, and are there adequate checks to ensure
fairness, transparency, and efficiency?
o Have recent disciplinary proceedings and regulations
improved the performance and accountability of
insolvency professionals?
6. Judicial Review and “Commercial Wisdom”
o Where do the courts draw the line between respecting
the commercial decisions of creditors and ensuring a
resolution plan complies with statutory requirements?
 o How do tribunals and appellate bodies manage the
tension between swift resolutions and safeguarding
stakeholders’ rights?
7. Treatment of Homebuyers and Other New Classes of
Creditors
o How has recognizing homebuyers as “financial
creditors” impacted the real estate sector?
o Are there emerging creditor categories that remain
unaddressed or ambiguously placed within the statutory
framework?
8. Cross-Border Insolvency and Enforcement
o Have there been notable strides toward adopting or
implementing a formal cross-border insolvency
framework (e.g., UNCITRAL Model Law)?
o What are the main challenges in recognizing and
enforcing orders or judgments across jurisdictions?
9. Future Reforms
o Which key reforms are needed to reduce delays,
minimize litigation, and maximize value for all
stakeholders?
o How might the insolvency regime incorporate learnings
from post-pandemic economic pressures and the
evolving nature of distressed assets?
10. Public Policy and Social Considerations
o To what extent should the law balance business
continuity and financial stability against social objectives
(like preserving jobs and community impact)?
o Are we striking the right balance between creditors’
ability to recover debts and a debtor’s opportunity for a
fresh start?

Sub-Topics

1. Legislative & Policy Framework

o Key milestones in recent amendments and how they’ve
reshaped insolvency proceedings.
o Significance of international benchmarks (e.g., U.S.
Chapter 11, U.K. administration) on local reforms.
o Pending bills or reform proposals that could address
current loopholes or ambiguities.
2. Initiation of Insolvency & Defining ‘Default’
o Practical threshold for triggering insolvency and impact
of judicial decisions.
o Discretion of Adjudicating Authority (e.g., Vidarbha
Industries case) and potential uncertainties.
 o Role of dispute resolution clauses in commercial
contracts to preempt “premature” filings.
3. Classification of Creditors
o Rationale behind the financial vs. operational creditor
distinction and its effects on voting rights and
recoveries.
o Treatment of emerging creditor classes (e.g.,
homebuyers) as “financial creditors” — benefits and
challenges.
o Ensuring fairness for smaller creditors, trade unions,
and employees: Are existing protections enough?
4. Moratorium & Asset Preservation
o Moratorium as a “calm period”: Does it truly help
sustain the debtor as a going concern?
o Ambit of the moratorium with respect to parallel legal
proceedings (arbitration, NI Act prosecutions).
o Strategies to avoid abuse of the moratorium or undue
delays in resolution.
5. Committee of Creditors (CoC) & Resolution Plans
o Balancing “commercial wisdom” against judicial
oversight: Where does one stop and the other begin?
o Distribution waterfall (Section 53) and the question of
“fair & equitable” treatment for all stakeholders.
o Practical challenges in drafting, negotiating, and
evaluating resolution plans within strict timelines.
6. Role & Accountability of Insolvency Professionals
o Powers of resolution professionals: Are they too broad,
too limited, or just right?
o Oversight by regulators and the judiciary to maintain
high standards of professionalism and ethics.
o Common pitfalls in day-to-day administration and
strategies to mitigate conflicts of interest.
7. Judicial & Appellate Authorities
o Jurisdictional mandates and interplay between NCLT,
NCLAT, Supreme Court, and other courts.
o Evolving jurisprudence on corporate guarantees,
personal insolvencies, and cross-appeals.
o Speed vs. thoroughness: How to handle mounting
caseloads without compromising due process.
8. Personal Guarantors & Individual Insolvency
o Alignment of corporate debtor proceedings with those
against personal guarantors.
o Jurisdictional nuances: NCLT vs. DRT — practical
experiences and challenges.
o Post-resolution implications for personal guarantors
under revised legal frameworks.
9. Cross-Border Insolvency
o Current status of adopting the UNCITRAL Model Law or
comparable frameworks.
o Obstacles to enforcing foreign judgments and
coordination among multiple jurisdictions.
o Lessons from existing cross-border insolvency disputes
and opportunities for reform.
10. Future Trends & Policy Considerations

 Possible legislative refinements or amendments under

discussion.
 Impact of economic headwinds (e.g., post-pandemic fallout) on
insolvency caseload and framework.
 Balancing expedient resolution with long-term stability,
stakeholder interests, and public policy (jobs, social welfare).