RESOLVE-2023 has set in motion a strategy to build best practices for managing corporate disputes
Indian Chartered Accountants see the need for collaboration with insolvency resolution experts in Singapore, already a hub of lawyers with a global network and backed by a robust judiciary mechanism.
“Professionals in Singapore have done a lot of work, invested time and are willing to share knowledge,” said Gyan Chandra Misra from the Institute of Chartered Accountants of India (ICAI) after a two-day convention hosted 4-5 Aug 2023.
Following the ‘RESOLVE-2023, convention, the Indian CAs have set in motion a strategy to build best practices based on global standards for managing insolvencies, bankruptcies and dispute resolution following their two-day interactions with Singapore-based professionals with international network, covering developed and matured markets in the United States, the United Kingdom and Australia.
Misra, ICAI Central Council Member and among the lead organisers of the convention, “RESOLVE-2023”, the first international event organised by ICAI in a foreign country focussing on “Insolvency Resolution”.
Giving this update on concluding a two-day convention, held on 4-5 Aug in Singapore, he said, “Our interactions during the 300 plus professional attended event has set a pace for studies and collaborations through sharing of knowledge with Singapore-based professionals who are already managing business related disputes and insolvency issues of multinational corporations across the globe.
“We are going back with three important and workable solutions to build in India a global insolvency and dispute mechanism based on the ever evolving and technology-driven best practices,” Press Trust of India (PTI) quoted Misra as saying.
While the Indian CAs travelled to the prosperous business city state seeking deeper knowledge and in depth understanding of the global insolvency mechanism, Singapore responded by presenting 120 delegates at the niche convention with speakers giving insights not only about Singapore but also updated the visitors on latest developments in the United States, the United Kingdom and Australia, according to Somnath Adak, Chairman of ICAI Singapore Chapter and co-lead in organising the event.
Singapore and Indian regulators also shared thinking of technology-driven fast-pace challenges of managing insolvency resolutions, given the ever-increasing trade dispute in Asian prosperity, PTI had Adak as saying.
The delegates heard from Francis Ng SC, Official Assignee & Public Trustee, Ministry Of Law (Singapore) as well as Sudhaker Shukla, Whole Time Member of Insolvency and Bankruptcy Board Of India (IBBI), and Shiv Anant Shanker, Chief General Manager, IBBI.
Adak sees the potential of an India-Singapore platform for working on Insolvency Resolutions with the best global practices, given the largest Indian business community here, estimated to be over 8,000 companies managing multi-billion-dollar trade and investments daily.
Added Misra, “We have discussed our thought process with a lot of people over the two days and have shared knowledge and ideas.
“We see a big change of mindset henceforth as one can work from remotest areas through the use of technology with any international corporation in the world.”
Both Misra and Adak see artificial intelligence (AI) making a big change in accelerating every case process in India in the near future and clearing the piled-up cases in the Indian courts.
Initially apprehensive about the convention success, Misra now sees a path being chartered for a “massive upgrade and technology-driven evolving mechanism” for the entire ecosystem among Indian businesses.
“AI is going to be in each and every part of the business. That is really going to be a game changer in the future while collaborations with insolvency resolution experts is going to help make a big change in India,” says Misra, also the chairman of Committee for Insolvency & Bankruptcy Code of ICAI.
He sees ease of adopting the global rules and regulations, citing the Government support and the recent appointments of some 20 judiciary officials to expedite the process of clearing cases related to insolvencies.
Given the “rich picking” from the convention by ICAI’s 200 delegates from the convention, Misra and Adak would consider planning another gala event, bigger than the “RESOLVE-2023”, both conceding it will be a fast-pace work though acknowledged the challenge of attracting international participation in a corporate-sensitive subject.
With more than 830,000 students & over 390,000 members, ICAI is the largest professional accounting body in the world. It has 46 Overseas Chapters and 34 Representative Offices in 80 cities of 47 countries of the world. The Singapore Chapter of ICAI is a well-regarded professional body. It plays a pivotal role in the professional development of close to 600 Indian Chartered Accountants in Singapore by curating & hosting professional events, webinars, and knowledge series events. Fiinews.com
