The Corporate entities are the driving force behind any of the modern economies. However, they are plagued by their own set of problems brought about by various economic factors often resulting in the declaration of insolvency. A good insolvency regime ideally inhibits the premature liquidation of sustainable businesses. Further, it also proves to be instrumental in not only discouraging lenders from issuing high-risk loans, but also acts as a deterrence for the managers and shareholders from taking imprudent and reckless financial decisions. Hence, the need and the importance of a strong and well-developed insolvency for any economy is a bare necessity in the contemporary times.
In the above context, the role of the Judiciary becomes significant. Given the dynamic nature of the insolvency regime, it is pertinent for the members of the Judiciary to be in position to not only understand the niche legal principles involved in the deciding the cases pertaining to insolvency laws, but also remain abreast with the latest developments taking place in the relevant legal sphere. In furtherance of the same, a training opportunity being accorded to the members of the judiciary, is a step forward in the right direction towards the creation of an environment conducive for raising the awareness and standards of decision making process in matters concerning insolvency law.
In the light of above, The Bhutan National Legal Institute in collaboration with National Law University, Jodhpur is organizing the twelfth week of e-ITEC virtual training program to the Judges and Judicial Officers on Bankruptcy and Insolvency Laws. The primary intent of the training programme is hinged on providing a strong conceptual foundation for the Judges, to allow them to understand the normal intricacies of an insolvency dispute and hence, adequately appreciate the same during the pronouncement of the decision. Secondly, the training programme would also focus upon providing information on the latest developments taking place in the arena of Insolvency regime, which would act as a refresher to the existing knowledge base and thus would allow the Judges to be apprised about the current position of laws, the recent amendments and the judicial trends. The training is organized under the financial assistance of Indian Technical and Economic Cooperation, Ministry of External Affairs, Govt. of India. The three- day training will conclude on 20 October 2021.