Financial institutions are looking for good insolvency professional: Vilas Parate
WITH the introduction of the Insolvency & Bankruptcy Code (IBC) by the Government, Vilas Parate, Zonal Manager of Bank said, “Financial institutions are looking for good insolvency professionals and CAs are the best option for them. CAs have thorough practical knowledge about all commercial laws along with experience in banking procedure. Therefore, CAs have very good opportunities in IBC and apt choice for financial institutions.” Parate was speaking at the seminar on ‘Insolvency & Bankruptcy Code (IBC)’ recently conducted by Nagpur Branch of ICAI. Parate said that chartered accountants can perform different roles for the industry as well as financial institutions through IBC code.
He also mentioned about the developments taking place in the IBC since its introduction. Many high profile cases 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. This was the main reason that bankers were initially not willing to get involved in the proceedings.
“Some of the bankers including Bank of India, took the initiative to come forward to book the future losses through IBC proceedings and cleaned their balance sheets from the probable non performing asset (NPA) debts. Now the bankers are getting the results of their initiative being the most important factor for the performance of the banks,” he added. He appreciated the efforts of Nagpur Branch and appealed the members present to involve themselves as early as possible in the IBC fast track procedure. He mentioned about the new developments taking place in Central India including Nagpur, Amravati and Raipur and how these IBC proceedings would gain more importance in coming days. Parate congratulated the Nagpur Branch of ICAI for hosting this seminar on ‘Insolvency and Bankruptcy Code (IBC)’ for the benefit of it members and to update about the huge opportunities IBC offers.
CA Suren Duragkar, Chairman Nagpur Branch, thanked ICAI for allotting the prestigious IBC seminar to Nagpur Branch. He said, “Nagpur branch is always keen in identifying new opportunities for its members and IBC is one of those opportunities in which members can contribute through their professional skill and expertise. Now a days apart from traditional practice CAs 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 the deliberations.
CA Abhijit Kelkar, Regional Council Member from Nagpur, said that CA should be prepared for the various opportunities that are coming up. “For this, such seminars and workshops are need of the hour,” he said. Accordingly, industry specific programmes are being organised at the regional level wherein all the challenges, opportunities and responsibilities which are to be handled by the professionals get discussed, he added.
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 shared their knowledge with all the participants. CA Kirit Kalyani, Vice Chairman of Nagpur Branch, coordinated the inaugural session. CA Harish Rangwani and CA Akshay Gulhane, Executive Committee members coordinated the technical session. Present were CA Jiten Saglani, Treasurer, CA Sanjay Agrawal, WICASA Chairman, CA Julfesh Shah, Past Vice Chairman of WIRC, CA Swapnil Agrawal, CA Swapnil Ghate and CA Umang Agrawal, past chairmans of Nagpur Branch. The programme was attended by around 75 members from different cities of Vidarbha region. CA Saket Bagdia, Secretary Nagpur Branch proposed the formal vote of thanks.