Shaping the Future of Insolvency: IICA’s Weekend Wisdom Series with MCA Joint Secretary

In India, insolvency has never only meant collecting debts or closing down companies. It is about resiliency, second chances and creating an environment that allows failing businesses to be closed or revived with honour. The way that companies, creditors and stakeholders handle corporate distress has changed over the past eight years due to the Insolvency and Bankruptcy Code (IBC). The journey is far from over, though.  

Leading this change is the Ministry of Corporate Affairs' (MCA) Indian Institute of Corporate Affairs (IICA). It has produced a new generation of insolvency professionals with the Post Graduate Insolvency Programme (PGIP), who are prepared to manage the subtleties of this changing environment. However, the institute made another significant advancement in July 2025 when it introduced the "Weekend Wisdom" series, a special platform created to provide the upcoming generation of insolvency leaders with practical policy insights.  

A distinguished civil servant whose work has been essential to IBC reforms, Ms. Anita Shah Akela, Joint Secretary, MCA, was present at the first session. Participants were inspired by her presence, wisdom and openness, which also marked a new direction for insolvency education in India. 

Shaping the Future of Insolvency — Insights from IICA’s Weekend Wisdom Series with MCA Joint Secretary.

Why the Insolvency and Bankruptcy Code (IBC) Matters in India’s Growth Story 

It's important to consider why insolvency has grown to be such a crucial component of India's economic governance before delving into the Weekend Wisdom initiative.  

A paradigm shift occurred in 2016 with the introduction of the IBC. For the first time, India had a creditor-driven, time-bound process that gave resolution precedence over liquidation. In a matter of years, it became clear that the IBC was more than just a law; it was a tool for boosting the trust of lenders, investors and business owners. 

• It reduced the culture of willful default. 

• It created accountability among promoters. 

• It empowered creditors, particularly financial institutions, with a framework for recovery. 

• Most importantly, it aligned India with global best practices in insolvency and restructuring. 
  

Yet, challenges persist. Delays in tribunals, complex interpretations of law and systemic bottlenecks have sometimes diluted its impact. Reforms are still needed — in clarity of treatment of financial creditors, cross-border insolvency, MSME frameworks and the recognition of new asset classes. 

This is where capacity building comes in. Laws can be drafted and amended, but unless professionals on the ground are trained to apply them with integrity and skill, reforms remain only on paper. 

And that’s exactly what IICA has sought to address with Weekend Wisdom. 

IICA’s Weekend Wisdom Series: A New Learning Model for Insolvency Professionals in India 

The Weekend Wisdom series differs from traditional lecture series. Rather, it is a platform that allows PGIP participants to interact directly with thought leaders, judges, regulators and policymakers who are actively influencing India's insolvency environment.  

Ms. Anita Shah Akela, the Joint Secretary, MCA, was the main speaker at the first session on July 26, 2025. Her practical involvement in insolvency reforms and her decades of civil service experience allowed her to contribute more than just theory; she also brought perspective, clarity and hope. 

Insights on Insolvency Reforms from MCA Joint Secretary Anita Shah Akela 

She spoke candidly about three themes that resonated deeply with participants: 

1. Integrity under pressure – Insolvency professionals often operate in high-stakes environments, mediating between creditors, debtors, employees and regulators. Ms. Akela emphasized that while technical expertise is essential, integrity remains non-negotiable. Decisions made in the heat of corporate distress shape lives, reputations and the future of industries. 
   

2. Innovation and excellence in insolvency practice – Beyond compliance, she highlighted the need for professionals to think innovatively. Insolvency is not just about resolution plans — it is about preserving enterprise value, exploring revival models and ensuring long-term sustainability. 
   

3. The evolving future of the IBC – Perhaps the most eagerly received insight was her confirmation that new reforms and procedural simplifications are on the horizon. As India aims to become a $5 trillion economy, the insolvency regime will need to be faster, more accessible and aligned with global investment flows. 

Real-World Insolvency Case Studies and Lessons from NCLT/NCLAT 

What made Ms. Akela’s session truly impactful was her use of real-life case studies. Rather than abstract discussions, she illustrated how the law has played out in actual cases — the challenges of resolution timelines, the classification of buyers as financial creditors and the delicate balance between maximizing recovery and ensuring fairness. 

For PGIP participants — many of whom will soon be handling cases before the National Company Law Tribunal (NCLT) — these insights bridged the gap between policy drafting in Delhi and implementation on the ground. 

This bridging is precisely the value of Weekend Wisdom: it grounds academic knowledge in lived regulatory realities. 

Preparing the Next Generation of Insolvency Professionals and Leaders in India 

Insolvency is one of those rare professions where law, finance and human judgment intersect. An insolvency professional is part lawyer, part strategist and part mediator. With IICA’s PGIP already providing technical training, the Weekend Wisdom series adds a missing piece: exposure to leadership thinking. 

For aspiring professionals, the benefits are clear: 

• Direct mentorship from policymakers and regulators. 

• Contextual understanding of why certain reforms were introduced. 

• Clarity on upcoming changes to the insolvency framework. 

• Confidence to navigate systemic pressures with integrity. 

In essence, the series is not just shaping insolvency professionals — it is shaping future custodians of India’s financial stability. 

IICA and the Ministry of Corporate Affairs (MCA): Partners in Insolvency Reform and Capacity Building 

It is significant that the Weekend Wisdom series is anchored jointly by IICA and the MCA. This collaboration ensures that the academic rigor of insolvency training is constantly informed by real-time policy directions. 

Ms. Akela herself acknowledged that with MCA at the helm of IBC reforms, MCA and IICA are uniquely positioned to design programmes that meet emerging demands. This is no small statement. It underscores the confidence that the government places in IICA’s role as a premier institution for insolvency education. 

Moreover, the presence of Shri Gyaneshwar Kumar Singh, Director General & CEO, IICA and other faculty members during the session reinforced the Institute’s commitment to fostering a community of practice, not just a classroom of students. 

Building a Resilient Insolvency Ecosystem: Governance, Integrity and Innovation 

If we step back, the Weekend Wisdom series is more than just an academic initiative. It reflects a larger national vision. 

India requires an ecosystem for insolvency that is: 

• Resilient: able to withstand financial setbacks without going under.  

• Efficient: providing deadline-driven resolutions without protracted legal disputes.  

• Inclusive means not only catering to the needs of big corporations but also MSMEs, startups and even individual insolvencies.  

• Credible on a global scale: inspiring trust in foreign partners and investors. 

Weekend Wisdom contributes to this vision by ensuring that the next generation of insolvency professionals are not only technically competent but also aligned with the values of integrity, innovation and leadership. 

Directors’ Institute Perspective: Why This Matters to Boardrooms 

At Directors’ Institute, we often remind aspiring board members that insolvency is not a topic to be left to specialists alone. Board directors play a pivotal role in preventing distress, ensuring early warning systems and safeguarding stakeholders. 

The Weekend Wisdom initiative, though primarily targeted at insolvency professionals, also has indirect lessons for board leadership: 

• Boards must understand the evolving insolvency framework to anticipate risks. 

• Directors should be aware of how creditors, regulators and professionals approach distress resolution. 

• Governance is as much about resilience in failure as it is about growth in success. 

By strengthening insolvency professionals, IICA is indirectly strengthening boardroom governance in India. 

What’s Next for MCA Insolvency Reforms and the Future of India’s IBC Framework 

As Ms. Akela pointed out, reforms are on the horizon. What might they look like? 

• Simplified processes for smaller cases and MSMEs. 

• Clearer definitions around creditors’ rights and classification. 

• Technological integration to reduce delays in tribunals. 

• Cross-border frameworks that align India with UNCITRAL standards. 

• Enhanced training to ensure professionals keep pace with global developments. 
  

The Weekend Wisdom series ensures that those who will be applying these reforms are not caught off guard — they are prepared, informed and confident. 

Conclusion: Shaping Tomorrow, One Weekend at a Time 

The launch of the Weekend Wisdom series marks a turning point in insolvency education. By combining academic training with direct policy engagement, IICA has ensured that insolvency professionals of tomorrow are not just practitioners but leaders of reform. 

For participants, the session with Ms. Anita Shah Akela was more than an academic exercise — it was a reminder that insolvency is about people, trust and the future of Indian enterprise. 

As India moves towards becoming a global economic powerhouse, the strength of its insolvency framework will be a key marker of credibility. And with initiatives like Weekend Wisdom, supported by the MCA and IICA, the foundation for a robust, resilient and forward-looking insolvency ecosystem is being firmly laid. 

At Directors’ Institute, we believe that shaping this future is not optional — it is essential. Insolvency is no longer a back-office legal function; it is at the heart of corporate governance and economic stability. And through platforms like Weekend Wisdom, India is taking bold steps to ensure that the professionals entrusted with this responsibility are truly prepared. 

References: Newsletter-July-25.pdf - Page number 13  Our Directors’ Institute - World Council of Directors can help you accelerate your board journey by training you on your roles and responsibilities to be carried out efficiently, helping you make a significant contribution to the board and raise corporate governance standards within the organization.