New Delhi :The Indian Institute of Corporate Affairs (IICA) in Manesar recently conducted an engaging knowledge session under its flagship “Meet the Legend” series for participants of the 7th batch of the Post Graduate Insolvency Programme (PGIP). The three-hour masterclass featured distinguished judicial experts who shared practical insights into insolvency, taxation, and financial regulatory frameworks.
The session was led by J. P. Singh and Balesh Kumar, who discussed the evolving legal landscape affecting insolvency professionals and corporate restructuring processes.
During the session, Singh presented a detailed analysis of the Goods and Services Tax (GST) system and its interaction with the Insolvency and Bankruptcy Code, 2016. He explained key GST concepts including supply, consideration, taxable events, input tax credit and reverse charge mechanisms, while highlighting the statutory framework governing intra-state and inter-state transactions.
He also referred to landmark judgments such as Swiss Ribbons Pvt. Ltd. v. Union of India and Ghanashyam Mishra & Sons Pvt. Ltd. v. Edelweiss Asset Reconstruction Co. Ltd., explaining that once a resolution plan is approved under the IBC, claims not included in the plan — including statutory dues — are considered extinguished.
The session further addressed practical compliance issues during the Corporate Insolvency Resolution Process (CIRP), such as fresh GST registration, filing of returns by Interim Resolution Professionals (IRP) and Resolution Professionals (RP), the availability of input tax credit, and the implications of the moratorium under Section 14 of the IBC.
In another segment, Balesh Kumar discussed the relationship between insolvency proceedings and the Prevention of Money Laundering Act, 2002. He explained the concept of “proceeds of crime” and elaborated on the three stages of money laundering—placement, layering and integration.
The discussion also examined jurisdictional challenges between the National Company Law Tribunal (NCLT) and enforcement agencies under PMLA, particularly in cases involving attachment of assets belonging to corporate debtors undergoing insolvency proceedings.
Highlighting legal developments, he referred to Manish Kumar v. Union of India and discussed the importance of Section 32A of the IBC in safeguarding the insolvency resolution process while balancing enforcement actions under anti-money laundering laws.
The interactive session offered PGIP participants valuable insights into cross-statutory legal challenges commonly faced by insolvency professionals. Experts emphasised the need for a comprehensive understanding of taxation laws, insolvency regulations and enforcement mechanisms to ensure effective corporate resolution outcomes.
The event concluded with a vote of thanks delivered by Sudhaker Shukla, who appreciated the speakers for sharing their expertise and guiding the students.
The “Meet the Legend” initiative continues to highlight IICA’s commitment to academic excellence and professional capacity building by bringing leading judicial and regulatory experts to interact with aspiring insolvency professionals.