The Indian Institute of Corporate Affairs (IICA) on 20 September 2026 hosted a session titled 'IBC as an Evolving Law Through the Amendments' in New Delhi, bringing together practitioners and policy scholars to examine how India's insolvency framework has adapted — and must continue to adapt — to rapidly shifting market conditions. The event was organised under IICA's flagship 'Meet the Legend' programme, according to a statement issued by the Ministry of Corporate Affairs.

Key Remarks by Former IBBI Chief

Former Chairperson of the Insolvency and Bankruptcy Board of India (IBBI), M. S. Sahoo, delivered the session's centrepiece address, arguing that economic legislation and regulatory mechanisms must continuously evolve in response to market realities. Sahoo observed that markets change faster than litigation can follow, making subordinate legislation and targeted regulatory interventions indispensable tools for addressing emerging challenges.

He elaborated that regulations can be framed to implement the Insolvency and Bankruptcy Code (IBC)'s provisions and advance its objectives, giving the insolvency framework the agility to respond to practical ground-level challenges in real time. His remarks drew on his direct experience shaping IBC's regulatory architecture over successive amendment cycles.

What Participants Took Away

The session was attended by participants of IICA's Post Graduate Insolvency Programme (PGIP), who gained insight into the dynamic interplay between primary legislation, subordinate rules, judicial interpretation, and market experience. Speakers underscored that the IBC is not a static statute frozen at enactment, but a living economic law that is continuously refined through regulatory orders, court rulings, and parliamentary amendments.

The interaction offered students a rare opportunity to understand how each amendment cycle has addressed gaps exposed by earlier rounds of resolution proceedings — including delays in admission, valuation disputes, and the treatment of personal guarantors.

Programme Context and Opening Remarks

Gyaneshwar Kumar Singh, Director General and Chief Executive Officer of IICA, opened proceedings by stressing the value of learning directly from distinguished practitioners who have shaped India's insolvency ecosystem. The 'Meet the Legend' format is designed to bridge the gap between classroom theory and regulatory practice by placing students in direct dialogue with architects of landmark policy frameworks.

Why This Matters for India's Insolvency Landscape

India's insolvency framework has undergone significant legislative revision since the IBC's enactment in 2016, with amendments addressing pre-packaged insolvency for MSMEs, cross-border resolutions, and the role of financial creditors versus operational creditors. Notably, the pace of regulatory change has at times outrun judicial capacity to interpret new provisions, making sessions like this one valuable for building a pipeline of informed insolvency professionals.

With the government continuing to refine the Code, and the IBBI periodically updating its regulations, the question of how to make the framework both responsive and predictable remains an active policy debate — one that future insolvency professionals trained at IICA will be expected to navigate.