‘Defaulter’s Paradise Lost- Demystifying the Insolvency and Bankruptcy Code’ was written by attorney Anant Merathia, and Justice Senthil Kumar Ramamoorthy was speaking at the book’s launch event.
Senthil Kumar Ramamoorthy, a judge on the Madras High Court, recently said that the Insolvency and Bankruptcy Code (IBC) is an important piece of law. According to what he said, the IBC creates a creditor-driven model that focuses on the worth of the corporation as a whole rather than just its assets. These remarks were made by Justice Ramamoorthy last Friday at the Chennai book launch for ‘Defaulter’s Paradise Lost: Demystifying the Insolvency and Bankruptcy Code’ by attorney Anant Merathia.
The judge emphasized that the IBC was implemented at a time when public sector banks were experiencing an increase in non-performing assets and debt defaults. He added that earlier laws like the SARFESI Act and the Sick Industrial Companies Act (SICA) weren’t enough to deal with the growing NPAs. The IBC stood out from other legislation since it allowed for the realization of a business’s value because of its creditor-driven strategy.
As a thorough reference to the IBC, Justice Ramamoorthy lauded Merathia’s work as being appropriate for judges, attorneys, and all parties. The guest of honor, Dr. TK Vishwanathan, discussed his experiences with the IBC’s drafting and underlined the importance of data in the law. Merathia, a business litigator, sought to streamline the law so that stakeholders would have a reference manual.
Merathia emphasized that modern business owners are more aware of the legal ramifications and that experts like chartered accountants, auditors, and bankers must keep up with changes to the law. He called the book a progressive move and said it was crucial for small and mid-sized businesses, financial institutions, universities, and foreign lawyers.
Dr. TK Vishwanathan, Justice Sanjiv Jain, and Senior Counsel PH Arvindh Pandian were among the guests who attended the launch event, which was chaired by attorney Sanjay Pinto.