Mediation in Insolvency (A Game Changer in Vikrit Bharat)

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Description
The enactment of the Insolvency and Bankruptcy Code (IBC), 2016 was a watershed moment in India for the recovery of business enterprises in distress. It was enacted as a comprehensive legislation to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate entities, partnership firms, and individuals in a time- bound manner. It replaced the archaic laws and brought the insolvency regime on par with the modern legislations in other jurisdictions on the subject. That was the need of the hour to keep pace with modern business activity and to meet the exigencies of the prevailing ecosystem.
An economic law, in particular, is essentially empiric, and it evolves continuously through experimentation. The IBC is no exception. Largely a sound piece of legislation, IBC had its own share of flaws at the time of its enactment. These were flagged in discussions under various chapters of the first edition of the book authored by one of us and published in early 2017 just after IBC's enactment.' It was expected to sail through rough currents created by implementation issues. History has shown that statutes rarely contain all the solutions needed to resolve all the problems, as it is impossible to comprehend all futuristic issues that would be encountered and need to be resolved. There is always room for improvement. In the first instance, the responsibility lies with the judiciary to overcome such difficulties by adept use of interpretative tools and permissible judicial activism. Those loopholes which cannot be plugged by judicial methodologies need the intervention of the legislature by incorporating suitable amendments. The history of the working of IBC bears testimony to the fact that the judiciary as well as legislature has played a significant role in these directions, aided brilliantly by other stakeholders.
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Contents
1. Introduction
2. Mediation-A "Dharmashastra" Tradition
3. Navigating Insolvency with Mediation: A Catalyst for Effective Resolution
4. The Use of Mediation in International Insolvency Disputes
5. Hybrid Reorganisation Proceedings: The Bests of Both Worlds
6. The Benefits of Using Mediation in Insolvency Proceedings in EMDES
7. Should Pre-litigation Commercial Mediation in India Be Voluntary?
8. Proposed Framework for Use of Mediation under the Insolvency and Bankruptcy Code, 2016
9. Magic of Mediation: Theoretical Underpinnings of a Non-adversarial Process
10. The Insolvency "Game Changer": The Use of Mediation to Enhance Efficiency, Facilitate Corporate Restructuring, and Improve Cross-Border Insolvency Outcomes
11. Use of Mediation in IBC: An Economic Case
12. Mediation in IBC: Resolving the Delay Dilemma
13. Mediation in Insolvency
14. Prescription for Insolvency-Rescue from IBC,
15. Lessons from Mediation in United States
16. Ethics and Code of Conduct for Mediators
17. Mediation in Commercial Disputes: A Pathway to Efficient Conflict Resolution
18. Insolvency in the Fast Lane: Why Emergency Mediation is Zooming Ahead
19. A Trial Is a 14 Hour Flight, Every Day, For How Many Days? Saving Clients' Money with Consumer Bankruptcy Mediation in the United States
20. Mediation and Insolvency
21. Mediation in Insolvency: Thinking Global Acting Local ...
22. Need for Integration of Mediation Process under Insolvency and Bankruptcy Code-Promoter's Perspective
23. Arun Jaitley Mediation Centre
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Author Details
A.K. Sikri