Justice Nath launches IBC Mantra, free commentary on insolvency law

Supreme Court Judge Justice Vikram Nath launched 'IBC Mantra,' a free online commentary on the Insolvency and Bankruptcy Code. He stated that law is 'to be shared,' emphasizing the need for accessible legal knowledge for lawyers and students.

Supreme Court Judge Justice Vikram Nath on Tuesday said that law is "not something to be practised, but to be shared," while launching IBC Mantra: The Law and Practice of Insolvency and Bankruptcy Code, a free online commentary on insolvency law aimed at making legal knowledge accessible to lawyers, students and academicians.

A Free Resource for the Legal Fraternity

Speaking at the launch event held at the S-Block Auditorium of the Delhi High Court, Justice Nath underscored the importance of legal commentaries in shaping jurisprudence. He observed that a good commentary does not merely explain what the law is, but also why it has developed in a particular direction and the principles underlying its evolution, making such works indispensable for both the Bar and the Bench.

The digital platform, jointly authored by Senior Advocate Tarun Gulati and Advocate Kumar Sambhav, has been made available free of cost. It seeks to provide comprehensive commentary on the Insolvency and Bankruptcy Code (IBC), 2016, along with evolving jurisprudence from the Supreme Court, the National Company Law Appellate Tribunal (NCLAT) and the National Company Law Tribunal (NCLT).

Judiciary Welcomes Initiative

Justice Manmohan of the Supreme Court praised the initiative, saying the authors were sharing their "labour of love" with the legal fraternity without charge. He expressed hope that the effort would inspire more successful lawyers to give back to the profession by sharing knowledge with younger members of the Bar. Stressing the importance of access to legal resources, he observed that access to quality knowledge would be crucial in the years ahead, particularly as insolvency law continues to evolve.

Dispelling Misconceptions About the Code

Justice Sanjeev Sachdeva also addressed what he described as a common misconception surrounding the Insolvency and Bankruptcy Code. He clarified that the Code is not intended to shut down companies, but is fundamentally designed to achieve resolution of financial distress, with liquidation being only a measure of last resort.

IBC Hailed as a Landmark Reform

Delhi High Court Chief Justice Devendra Kumar Upadhyaya described the IBC as one of India's most significant legal and economic reforms since Independence. He said the legislation transformed the country's approach to financial distress by shifting the focus from prolonged recovery proceedings to timely resolution, preservation of enterprise value and balancing the interests of stakeholders. He added that the success of any legal framework depends not only on its enactment but also on effective interpretation, implementation and institutional coordination.

Former Supreme Court judge Justice (Retd.) Sudhanshu Dhulia recalled that the IBC was enacted to consolidate fragmented insolvency laws, ensure time-bound resolution and maximise asset value while encouraging entrepreneurship. Referring to the Supreme Court's description of the legislation as a "path-breaking" reform, he said a statute derives its true life through judicial interpretation and welcomed the fact that the commentary has been made freely available to all.

The Authors' Vision

Speaking about the project, Senior Advocate Tarun Gulati said the idea was conceived in 2019 and took seven years to complete. He said the initiative was driven by the belief that legal knowledge should not be restricted by cost and should remain accessible to young lawyers and students. The work is dedicated to the fathers of both authors.

Co-author Kumar Sambhav announced that the IBC Mantra platform is now live and available online free of charge, stating that dissemination of knowledge is as important as its publication.

The launch ceremony was attended by Justice Vikram Nath as Chief Guest and was also graced by Supreme Court Judges Justice Manmohan and Justice Sanjeev Sachdeva, Delhi High Court Chief Justice Devendra Kumar Upadhyaya, former Supreme Court judge Justice (Retd.) Sudhanshu Dhulia, sitting judges of the Delhi High Court, senior advocates, insolvency professionals, legal scholars and law students.

During the event, a hard copy of the commentary was presented to Delhi High Court Bar Association President Senior Advocate N Hariharan. (ANI)

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