Importance of Insolvency and Bankruptcy Code and The Need to Revisit The Basics: In Conversation with Pranav M. Khatavkar

Why Would Now Be a Good Time for You to Revise Your Basics of the Insolvency and Bankruptcy Code, 2016?

In Conversation with Pranav M. Khatavkar

Pranav KhatavkarIn this interview, Pranav M. Khatavkar, the author of four books on the Insolvency and Bankruptcy Code, 2016 (“IBC”), explains why now is a good time for lawyers and law students to revisit their basics of IBC.

Could we please have your brief introduction first?

Sure! So my practice area is insolvency and restructuring. My passion for this practice area has translated into four books on the Insolvency and Bankruptcy Code, 2016 (“IBC”). My latest book on IBC was published by Thomson Reuters.

I hold a bachelor’s degree in law from Symbiosis International University, Pune, India, and a master’s degree in law from Northwestern University, Chicago, U.S.A. I have previously worked at White & Case, New York, in their Financial Restructuring and Insolvency Group.

Why do you think now is a good time for lawyers and law students to revisit their basics of IBC?

I think now is an excellent time for lawyers and law students to revisit their basics of IBC for the following reasons:

  • First, given that IBC has been temporarily suspended, nothing new is happening on that front as of now. Hence, it is a good time to reflect on what has already transpired on the IBC front since its enforcement in late 2016.
  • Second, IBC has certainly become more mature and market-tested in recent years. It also passed the ultimate litmus test of constitutional validity in Swiss Ribbons Pvt. Ltd. & Anr. vs. Union of India & Ors., Writ Petition (Civil) No. 99 of 2018. Hence, this should be an impetus for the legal community to reflect on the results produced by IBC so far.
  • Third, a tidal wave of bankruptcies is expected in the coming days. Once the dust on the COVID-19 front settles, restructuring professionals will be in huge demand. This will translate into both financial and career growth opportunities for restructuring lawyers and law students interested in restructuring. Hence, they should seriously consider revisiting their basics of IBC right now. (For the record, although restructuring, insolvency, and bankruptcy are different but interconnected terms, the global market parlance for professionals in this field is restructuring professionals. Hence, from this point onwards, whenever I make a reference to restructuring professionals, I mean to say professionals who advise on restructuring, insolvency, and bankruptcy matters.)
  • Fourth, given that everyone is more or less at home due to the COVID-19 lockdown, reserving time to review your IBC basics could give you an upper hand soon.

Could you tell us a little more about your most recent book on IBC published by Thomson Reuters? What value do you think lawyers and law students can derive from your book?

Before I get to the content of my book, I would like to provide certain additional context. When I was in the U.S., I was exposed to a robust form of legal writing that essentially advocated using the active voice, being affirmative and direct, and using shorter sentences. I used these lessons in concise legal writing in my latest book on IBC for the benefit of my colleagues in the legal industry in India.

book by Pranav Khatavkar

Upon my return to India, I reviewed some of the critical judgments on IBC and realized that although they were painstakingly thorough, they were still fairly long. In my humble opinion, modern legal professionals are extremely pressed for time and are required to review and process large chunks of information in a short span of time.

Hence, in order to better assist modern legal professionals to grasp the judicial perspective on IBC, I compiled select critical judgments on IBC in my book. For each judgment that appears in my book, I have prepared an ‘Executive Summary.’ An Executive Summary is the distilled essence of a particular judgment presented in a crisp and succinct manner. I wrote the Executive Summaries using the lessons in concise legal writing that I learnt when I was in the U.S.

Now onto your follow-up question. I sincerely believe that lawyers and law students can get the essence of a particular judgment on IBC by simply reading the Executive Summary for that particular judgment in my book. That said, if they would still like to read the judgment itself, it is also available at their fingertips in my book.

The whole objective of my book is to simplify and demystify the judicial perspective on IBC for lawyers and law students through the Executive Summaries. The Executive Summaries follow the globally recognized IRAC Model for case summaries. In addition, each Executive Summary also outlines at the outset the key takeaways for each class of stakeholders.

Lastly, in the preliminary pages of my book, I have included ‘A Note to the Reader’ in which I have tried and answered some of the anticipated questions that the readers might have while going through my book.

In light of the aforementioned, I sincerely feel that my book is a good value addition for someone who is looking to understand the judicial perspective on IBC in the simplest, clearest and briefest possible way.

Where can people buy a copy of your book?

You can buy a copy of my book by ordering from any of the following links.

  1. Amazon
  2. M & J Services
  3. Agarwal Law House
  4. Jain Book Agency

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