June 10, 2021
“A drunken mob was set loose upon us by the directors.”
(Mr. Dabhade is an Insolvency Professional based in Pune)
Can you tell us a little about yourself and your academic and professional background?
I’m a commerce graduate and a chartered accountant, practicing in Pune since 2010. My core area is income tax, project finance and accounting. I have handled many complex tax assessments, in addition to issuing ‘expert opinions’ on a variety of income tax issues.
How did you decide to become an IP?
I must acknowledge the role of my dear friend, late Mr. Pankaj Dhamane, in my becoming an IP. Mr. Dhamane was a company secretory in our firm and he advised my partner and me to appear for the exam. He took care of the necessary applications, procured the study material and spent time with us daily, motivating us and helping us prepare. He had a lot of faith in me, and I owe my qualification to him. He passed the exam twice. He was truly someone with great foresight.
I passed the Limited Insolvency Examination in May 2017 and was subsequently granted the certificate of membership as an Insolvency Professional in July 2017 (Regn. No. BBI/IPA-001/IP-P00306/2017-18/10570).
How many assignments (CIRPs and liquidations) have you undertaken so far? If permissible, could you share the names?
Since September 2017, we have filed more than 60 cases on behalf of OCs and have recovered more than 30 crores for them. I can frankly admit that earlier, IBC was used as recovery tool. Most of the cases we undertook resulted in recoveries, rather than resolutions.
We have also started a professional IBC consultancy practice. We advise many financial institutions, FCs and are also assisting in devising the system for the identification, arrangement and admissions.
Here I wish to point out something – working in the insolvency area needs a solid team. I have seen many individuals, who worked without a team to support them, land in difficulties. Thanks to a great team, our firm has handled 17 assignments so far.
How was your experience in the early days as an IP? What were some of the challenges you faced in your initial assignments?
Some of the challenges I faced were as follows:
Which has been the most interesting/challenging/memorable assignment for you so far?
I have certainly had my fair share of memorable experiences.
What have been the unexpected parts of being an IP? How have you dealt with them?
Despite being professionals working to implement the law for all the stakeholders, there has often been a distinct lack of co-operation from various persons. We have tried to remedy that by –
How do you think the IBC has evolved so far? Where has it faltered, and where do you think it has a scope to do better?
Till date, the IBC has drastically evolved due to the various decisions of the Supreme Court. These help RPs/Liquidators to take the appropriate decisions.
That being said, an RP is a Court Officer and hence his powers should be increased so that he need not go to the AA for every single relief. The powers of other Court Officers should to be vested in him, which will help him discharge his duties efficiently.
Some changes that can be made in the provision of the IBC, as well as in other relevant acts, in my humble opinion –
What advice do you have for the professionals considering becoming an IP?
Being an IP is a full-time profession, so my advice to all the upcoming IPs is to not engage in other activities which would hamper your assignments.
One needs to be equipped with the required knowledge, and learn finance as a core area.
Management skill is critical along with a prompt decision-making ability.
(This interview was conducted by Adv. Parth Indalkar and has been edited for clarity.)
“A drunken mob was set loose upon us by the directors.” (Mr. Dabhade is an Insolvency Professional based in Pune) Can you tell us a little about yourself and your academic and professional background? I’m a commerce graduate and a chartered accountant, practicing in Pune since 2010. My core area is income tax, project […]June 10, 2021
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