The MoU between ICFAI Law School and Insolvency Law Academy (ILA) was inked on Saturday 29th July 2023 at Taj Krishna Hotel, Banjara Hills, Hyderabad. The occasion was graced by Hon’ble Justice Sri M S K. Jaiswal, Mr. V V S N . Raju, Advocate, Mr. Sumant Batra, President, ILA, Dr. Vijaya Lakshmi, Registrar and Dr. A V. Narsimha Rao, Director, ICFAI Law School.
About Memorandum of Understanding:
ILA and ICFAI Law School have entered into a Memorandum of Understanding. As part of the MOU a Chair will be established, a Regional Centre for Insolvency to be started and joint research will be undertaken.
ILA and ICFAI Law School have agreed to explore cooperation and collaboration on various projects of knowledge development, research and capacity building in insolvency and related area. A Steering Committee (SC) shall be set up comprising of four (4) members, with two (2) members each representing ILA and ICFAI Law School. The objective of the Steering Committee is to discuss the projects and programs. The SC will be chaired by ILA and ICFAI Law School by rotation every year and the chairman of the SC for the first year will be from ICFAI Law School.
ILA & ICFAI Law School have further agreed to establish a ‘Regional Centre for Insolvency and Bankruptcy’ (Regional Centre) in ICFAI Law School Campus at Hyderabad. This Regional Centre will serve as a platform for carrying out joint activities of ILA and ICFAI Law School. The Regional Centre will have a co-ordination committee of experts representing other States in the region viz., Tamil Nadu, Kerala, Andhra Pradesh, Telangana and Karnataka.
ILA and ICFAI Law School will also set up a Chair on Bank Insolvency, under the Regional Centre for Insolvency and Bankruptcy for a term of three years. The Chair will be named after an economist or banker of global eminence and will be headed by an honorary head of global eminence. The Chair will be a joint venture of ILA and ICFAI and will carry the tag line – “A joint initiative of Insolvency Law Academy and ICFAI Law School” – as part of the name of the Chair. The physical seat of the Chair will be mutually decided by the Steering Committee.
Mr. Sumant Batra, in his speech explained the services rendered over a period of two years. The organization has become a vision of the country as it provides an impetus to the economic condition of the country. He focused on seven chairs, Personal Insolvency Law, Cross Boarder Incumbency, Pre-Insolvency Resolution, Mediation, Next Generation Reforms. He also laid emphasis on mentoring young scholars and adopting best practices. He proposed to set up a steering committee between the two organizations and organizing annual meets for brainstorming and sharing of ideas.
Hon’ble Justice Shri M S K Jaiswal in his address said that there were few specializations in every field of Law. But now there are specializations in every field of Law. He also highlighted that as a Presiding Officer he dealt with iron hand on white collar Crimes, which cuts away into the vitals of the economy. The stringent laws will strengthen and reinforce the fabric of the Indian economy. There was a Knowledge sharing session by Mr Sumant Batra followed by the Q and A session.
Advocate VVSN Raju, moderated the knowledge sharing session and thanked the ICFAI Law School for providing the much needed support in Insolvency.
Prof. Narsimha Rao in his inaugural address emphasized on Insolvency resolution and discussed that ICFAI Law School has taken initiative to introduce one year PG Program in Insolvency and Resolution. He laid emphasis on research in Insolvency and said that it is at nascent stage and lot many areas ought to be covered in the discipline. He appraised the audience that ICFAI Law School has convened an international conference on Insolvency and Bankruptcy.
Dr. Vijaya Lakshmi Registrar, briefed about the ICFAI Foundation for Higher Education and said that each department is unique in its approach and emphasized that this MoU will bring lot of mileage to the University and will create in roads into the field of Insolvency and would be rewarding not only to the University but also to the State and nation at large.
About ICFAI Law School: The ICFAI Law School is a significant segment of the ICFAI Foundation for Higher Education, Declared as a Deemed-to-be University established under section 3 of UGC Act, 1956. Established in the year 2010, the Law School has successfully completed a decade in professional teaching. It offers BBA LL.B (Hons) BA LL.B (Hons) five year integrated courses and two year LLM course recognized by Bar Council of India. It also offers PhD Program in Law.