Justice Vikram Nath honoured former Supreme Court Judge and former National Company Law Appellate Tribunal (NCLAT) Chairperson Justice Ashok Bhushan on his induction as an Emeritus Fellow of the Insolvency Law Academy (ILA), describing him as a judge who demonstrated that judicial authority can be exercised without harshness and whose leadership helped shape India’s evolving insolvency jurisprudence.
The honour was conferred as part of the ILA Fellowship Programme, India’s first initiative dedicated to recognising distinguished leadership, public service and outstanding contributions to insolvency law. Justice Bhushan was inducted in recognition of his pivotal role in the development of insolvency jurisprudence and his contributions to strengthening India’s institutional insolvency framework.
In his address, Justice Vikram Nath chose to speak not merely of Justice Bhushan’s judicial achievements but of a personal relationship spanning nearly four decades.
“It is almost impossible for me to refer to him as ‘Justice Bhushan’. To me, he has always been my beloved Ashok Bhaiya,” Justice Nath said, recalling that he first met Justice Bhushan in 1988 when he joined the Allahabad High Court Bar.
Recalling Justice Bhushan’s years on the Bench of the Allahabad High Court, Justice Nath said lawyers always knew they would receive a patient hearing.
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“He did not need to raise his voice to command attention. His authority arose from preparation, patience and the assurance that everyone before him would be treated fairly.”
Justice Nath also highlighted an important lesson in judicial independence and collegiality, recalling that former Allahabad High Court Chief Justice Ajoy Nath Ray continued to sit with Justice Bhushan despite differences in judicial opinions.
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“They differed in two or three judgments. Yet those dissents never became personal. They demonstrated that disagreement does not weaken a judicial institution. When a dissent is expressed with reason and received with grace, it strengthens the decision-making process.”
Turning to Justice Bhushan’s contribution to insolvency law, Justice Nath observed that he assumed leadership of the NCLAT at a time when India’s insolvency regime was still taking shape.
According to Justice Nath, insolvency adjudication required balancing speed with fairness, commercial certainty with due process, and resolution with humanity.
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“Speed is essential, but it cannot replace fairness. Commercial certainty is important, but it cannot be achieved by overlooking due process.”
He noted that the Chairperson’s Bench disposed of over 5,000 matters during Justice Bhushan’s tenure, but remarked that his greatest contribution lay in bringing confidence, stability and institutional maturity to India’s insolvency ecosystem.
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“He helped the Tribunal mature into an institution capable of guiding an evolving commercial system.”
Justice Nath further observed that Justice Bhushan’s commitment to public service did not end with retirement from the Supreme Court.
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“Some may regard superannuation as the conclusion of public work; he appears to have treated it as a brief procedural adjournment.”
Reflecting on Justice Bhushan’s judicial philosophy, Justice Nath said his legacy extended far beyond landmark judgments.
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“He has shown that judicial authority can be exercised without harshness. He has shown that efficiency need not come at the cost of reflection. Above all, he has shown that public office is carried most gracefully when it is carried lightly.”
Congratulating the Insolvency Law Academy, Justice A.K. Sikri and ILA Founder Sumant Batra for instituting the Fellowship, Justice Nath said the Academy was creating an institution that preserved experience for future generations rather than merely celebrating excellence.
About the Fellowship
The ILA Emeritus Fellowship is India’s first institutional fellowship recognising exceptional contributions to insolvency law, policy and practice.
Previous recipients include Arun Jaitley (posthumously), Justice Rohinton Fali Nariman, Justice Manmohan Sarin, Dr. Bibek Debroy, Dr. T.K. Viswanathan, Patrick Ang, Justice D.Y. Chandrachud, Justice Sanjay Kishan Kaul, Neil H. Cooper, Prof. Dr. Bob Wessels, Justice Kannan Ramesh, Dr. M.S. Sahoo and James Sprayregen.
The induction ceremony was attended by Justice A.K. Sikri, Chairman of the ILA Global Advisory Board; Justice Prasanna B. Varale, Judge, Supreme Court of India; Justice Sanjay Kishan Kaul, former Judge, Supreme Court of India; Justice Rajiv Shakdher, former Judge of the Delhi High Court; Justice Mohammad Faiz Alam Khan, Member (Judicial), NCLAT; Naresh Salecha, Member (Technical), NCLAT; Shreesha Merla, former Technical Member, NCLAT; Senior Advocate Abhijeet Sinha; Mrs. Sushma Bhushan; and several members of the judiciary, Bar and insolvency fraternity.
The ceremony celebrated Justice Bhushan’s distinguished judicial career and his enduring contribution to the evolution of insolvency law in India.
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