2nd Insolvency & Bankruptcy Moot Competition, 15-17, November 2018

REPORT ON THE 2^nd  INSOLVENCY AND BANKRUPTCY MOOT COURT COMPETITION, 15-17, November 2018

The Centre for Transnational Commercial Law (CTCL) at National Law University, Delhi, supported by the Insolvency and Bankruptcy Board of India (IBBI), and the UNCITRAL RCAP, in collaboration with INSOL India and Society of Insolvency Practitioners of India (SIPI) organised a moot competition on insolvency and bankruptcy. The theme of the Moot this year was Process Memorandum and Resolution Plan. The Moot Competition was a tremendous success and saw the participation from law students across India from diverse law schools.

The Moot Court Competition was structured in an innovative manner. The preliminary rounds involved parties presenting their resolution plans before the Resolution Professional and the Committee of Creditors. The Semi Finals and the Finals were based on a mock proceeding before the NCLT dealing with an approval of a resolution plan.

The Moot Proposition was based on various contentious areas under the Insolvency Code. The key arguments were based on the permissibility of a revised bid by a party after the period for submission of bids had expired. The competition also saw participants arguing on the treatment of operational creditors under the resolution plan and the issue of viability of the resolution plan to enable the corporate debtor to be run as a going concern in the long run. The Competition saw strong arguments being made on the twin principles of value maximisation and mandatory nature of timelines under the Code.

On 17^th November, the finals were held between teams from Gujarat National Law University Gandhinagar (GNLU) and UPES Dehradun. The Final rounds were adjudicated by a panel headed by Dr. M.S. Sahoo, Chairperson of Insolvency and Bankruptcy Board of India, Dr. Mukulita Vajayvargiya, Whole-Time Member, IBBI, along with Mr. A. S. Chandhiok, Senior Advocate and President of INSOL India, Ms. Pooja Mahajan, Mr. Sanjay Bhatt and Mr. Ketan Mukhija. The team from Gujarat National Law University Gandhinagar (GNLU) emerged victorious and UPES Dehradun finished as Runners Up in the competition.

Dr. M.S. Sahoo, Chairperson of Insolvency and Bankruptcy Board of India, Dr. Mukulita Vajayvargiya, Whole-Time Member, IBBI, Prof. Dr. Ranbir Singh, Vice-Chancellor, NLUD, Mr. KR Saji Kumar, Executive Director IBBI, Dr. Mamta Suri, Executive Director IBBI, Dr. Risham Garg, Associate Professor of Law & Director CTCL NLUD, along with Mr. A. S. Chandhiok, Senior Advocate and President of INSOL India, gave away the prizes.