Singapore, Aug 7: Indian Chartered Accountants have initiated a strategy to build best practices based on global standards for managing insolvencies, bankruptcies and dispute resolution following their interactions with Singapore-based professionals with an international network.
During a two-day convention held here last week, chartered accountants, financial experts, and legal and corporate affairs professionals from India and Singapore exchanged ideas on managing issues related to dispute resolutions, global debt, insolvency and funding.
“Our interactions during the event, attended by over 300 professionals, have set a pace for studies and collaborations through sharing of knowledge with Singapore-based professionals who are already managing business-related disputes and insolvency issues of multinational corporations across the globe,” Gyan Chandra Misra, an insolvency professional and a member of the Institute of Chartered Accountants of India (ICAI), told PTI over the weekend.
“We are going back with three important and workable solutions to build in India a global insolvency and dispute mechanism based on the ever-evolving and technology-driven best practices,” he said.
Misra, who is also an ICAI Central Council member and among the lead organisers of the convention ‘RESOLVE-2023’, underlined the need for collaboration with insolvency resolution experts in Singapore, already a hub of lawyers with a global network and backed by a robust judiciary mechanism.
“Professionals here have done a lot of work, invested time and are willing to share knowledge,” he said.
RESOLVE-2023 was the first international event organised by ICAI in a foreign country focussing on insolvency resolution.
“We have discussed our thought process with a lot of people over the two days and have shared knowledge and ideas. We see a big change of mindset henceforth as one can work from remotest areas through the use of technology with any international corporation in the world,” Misra said.
While the Indian CAs travelled to the prosperous business city-state seeking deeper knowledge and in-depth understanding of the global insolvency mechanism, Singapore responded by presenting 120 delegates at the niche convention with speakers giving insights not only about Singapore but also updated the visitors on the latest developments in the US, the UK and Australia, said Somnath Adak, Chairman of ICAI Singapore Chapter and co-lead in organising the event.
Singapore and Indian regulators also shared thinking of technology-driven fast-paced challenges of managing insolvency resolutions, given the ever-increasing trade dispute in Asian prosperity, Adak told PTI.
Among the dignitaries who spoke at the event were Francis Ng SC, Official Assignee & Public Trustee in Singapore’s Law Ministry; Sudhaker Shukla, Whole Time Member of Insolvency and Bankruptcy Board Of India (IBBI); and Shiv Anant Shanker, Chief General Manager of IBBI.
Adak sees the potential of an India-Singapore platform for working on Insolvency Resolutions with the best global practices, given the largest Indian business community here, estimated to be over 8,000 companies managing multi-billion-dollar trade and investments daily.
Both Misra and Adak see artificial intelligence (AI) making a big change in accelerating every case process in India in the near future and clearing the piled-up cases in the Indian courts.
Initially apprehensive about the convention success, Misra now sees a path being chartered for a “massive upgrade and technology-driven evolving mechanism” for the entire ecosystem among Indian businesses.
“AI is going to be in each and every part of the business. That is really going to be a game changer in the future while collaborations with insolvency resolution experts is going to help make a big change in India,” says Misra, also the chairman of the Committee for Insolvency & Bankruptcy Code of ICAI.
He sees ease of adopting the global rules and regulations, citing government support and the recent appointments of some 20 judiciary officials to expedite the process of clearing cases related to insolvencies.
Given the “rich picking” from the convention by ICAI’s 200 delegates from the convention, Misra and Adak are considering planning another gala event, bigger than ‘RESOLVE-2023’.
With more than 830,000 students and over 390,000 members, ICAI is the largest professional accounting body in the world. It has 46 Overseas Chapters and 34 Representative Offices in 80 cities in 47 countries.
The Singapore Chapter of ICAI is a well-regarded professional body. It plays a pivotal role in the professional development of close to 600 Indian Chartered Accountants in Singapore by curating and hosting professional events, webinars, and knowledge series events. (PTI)
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