Rakesh Kumar, Chairman and Managing Director of NLC India Limited, said that, since the commercial interest of the corporates is involved in the arbitration proceedings, which will have an impact on the society at large, adhering to the timelines for conclusion of the proceedings in time is needed. He was speaking at a one-day National seminar on 'Trends and Challenges to Arbitration in the light of Insolvency and Bankruptcy code' has been conducted by NLC in collaboration with National Law School of India University Bengaluru, in Neyveli.
MM Sundaresh, Judge, Madras High Court, called Public sector undertakings to go for the institutional arbitration mode to settle the contractual disputes to meet the timelines, and also highlighted the need for the Arbitrators to be fair, impartial and to have a sense of responsibility with respect to adhering to the timelines. Prof R Venkata Rao, Vice Chancellor, NLSIU, Bengaluru, the guest of honour has taken the participants through the journey of IBC and said that, knowledge is the power and that everyone has to acquire the knowledge in their respective spheres and one should not ignore the same.
In the daylong seminar, three technical sessions has been conducted on various issues related to the Arbitration Contracts and IBC Code.