Policy Experience – India
Has extensive experience in policy formulation having been part of a number of committees, working groups or as a consultant. A snapshot of the most relevant is provided below:
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Member of Working Group set up by the Insolvency and Bankruptcy Board of India on Mediation in Insolvency.
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Member of Working Group set up by the Insolvency and Bankruptcy Board of India on Creditor Led Resolution Process (Pre-packs).
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As member of the Working Groups set up by the Ministry of Corporate Affairs, Government of India (‘MCA’) in 2016 to draft regulations under the Insolvency and Bankruptcy Code 2016, contributed in the framing of corporate insolvency resolution process and liquidation regulations.
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As member of statutory Advisory Committee of the Insolvency and Bankruptcy Board of India under the Insolvency and Bankruptcy Code 2016 for two years (2019-2021), contributed in the development of policy and regulatory framework of corporate insolvency, liquidation and bankruptcy, and developed/delivered training and capacity building programmes for stakeholders.
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As member of the Working Group set up by Insolvency and Bankruptcy Board of India on insolvency and bankruptcy of individuals, contributed in the framing of rules and regulations for insolvency and bankruptcy of personal guarantors of corporate debtors. These rules and regulations were later notified by MCA in 2019.
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As member of Working Group set up by the Insolvency and Bankruptcy Board of India on insolvency of group of companies, contribution in deliberations and discussions, with stakeholders and members of the working group, and recommendations made on the framework for insolvency of group of companies.
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As member of the Working Group and core committee member of Insolvency and Bankruptcy Board of India to establish the Post Graduate Insolvency Programme, proposed the framework for a world-class graduation programme to serve as a feeder stream into the insolvency market, with the aim of developing architecture and infrastructure of insolvency industry that is at par with global standards. He served as the Founding Director of the PGIP Course for 2 years.
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As Founder-Member of the Governing Board of the Indian Institute of Corporate Affair, under the auspices of the Ministry of Corporate Affairs, steered the subject of insolvency to the centre stage of its activities, which paved the path for the establishment of Center of Insolvency and the Institute standing in the forefront of insolvency capacity building in the country, in partnership with the Insolvency and Bankruptcy Board of India. As the Founder Director of Graduate Insolvency Programme constructed the soft infrastructure for the programme by hiring the Course Coordinator, setting up an Advisory Board, Academic Council and faculty from around the world, and inducted the first match of students based on a competitive written and oral examination.
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As member of Dr. J.J. Irani Expert Committee on Company Law set up by the Government of India to make recommendations of the new Companies Act (which is now known as Companies Act, 2013), contributed to the new corporate regime and insolvency framework as part thereof. The drafting of the insolvency and restructuring law was done by a committee comprising of Mr. Jitesh Khosla, Joint Secretary, Ministry of Corporate Affairs and myself, supported by a number of officials and representatives of stakeholders.
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As country expert to the World Bank for its project to conduct detailed assessment of insolvency and creditors rights system under Reports on Observance of Standards and Codes (ROSC) assessment of the insolvency and creditors rights system in India, mapped the areas that needed reforms to create a modern insolvency regime befitting a free market economy. The report formed the basis of the World Bank dialogue with the Government of India on technical assistance programme for reforms.
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As legal expert for the World Bank project on Small and Medium Enterprise Development and Financing in India, prepared a detailed assessment of SME framework in India and made recommendations on improving the legal, regulatory and institutional framework for SMEs in India with a view to enhance access to finance.
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As World Bank Group expert co-authored the report with Mr. M.R. Umarji, then Advisor to Indian Bank’s Association, for the project of Department of Financial Services, Ministry of Finance, to recommend the amendments in SARFAESI and DRT Act as part of proving priority rules for claims of secured creditors as part of the framework of CERSAI, the central registry under SARFAESI.
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As consultant for 3 years, was instrumental in preparing the framework for CERSAI, including the regulations and Forms for filings under CERSAI Registry in the initial days of CERSAI.
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Held extensive consultations with Mr. T.K. Viswanathan, Chairman, Bankruptcy Law Reforms Committee during the deliberations held by the Committee with the experts.
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Together with Mr. T.K. Viswanathan, drafted a model Bill for Cross Border Insolvency and Bankruptcy, convened roundtables to discuss the model Bill with stakeholders and presented the draft Bill to the then Hon’ble Minister of Finance, Late Mr. Arun Jaitley. The draft was placed by the Ministry of Corporate Affairs before the Insolvency Law Committee which accepted with some minor modifications.
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Proposed the setting up of Insolvency Research Foundation which was eventually set up as a joint venture of the Indian Institute of Corporate Affairs and SIPI pursuant to the recommendations made by a Joint Steering Committee to set up for this purpose. The Joint Committee was chaired by co-chaired by me. The Foundation was launched by His Excellency the Vice President of India in the year 2019.
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Served as consultant by the Comptroller and Auditor General of India to prepared a status report on the sickness state of public sector undertakings going through restructuring under the erstwhile framework of insolvency (Sick Industrial Companies (Special Provisions) Act, 1985. The report was tabled in the Parliament of India.
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Has been invited for deposition as subject expert by the Joint Committee of Parliament on a number of occasions.