Patiala, Punjab: The Centre for Business Laws and Taxation (CBLT) at Rajiv Gandhi National University of Law (RGNUL), through its Insolvency and Bankruptcy Law Division, recently concluded the 1st RGNUL National Corporate Liquidation Process Competition. The event served as a premier forum for law students to navigate the intricate legalities of the Insolvency and Bankruptcy Code (IBC), 2016.
The Final Face-Off: Complex Legal Intersections
The final round challenged participants with a sophisticated problem centered on liquidation proceedings. The arguments delved into:
• Section 52 of the IBC and Regulation 21A of the Liquidation Regulations.
• The impact of Inter-Creditor Agreements.
• The critical interplay between the IBC and attachment proceedings under the Prevention of Money Laundering Act (PMLA).
Expert Adjudication
The final bench featured distinguished industry leaders: Mr. Vaijayant Paliwal (Partner, Shardul Amarchand Mangaldas) and Ms. Shivani Sinha (Partner, Phoenix Legal). The judges rigorously tested the teams on the limits of NCLT jurisdiction regarding PMLA attachments, the procedural timelines for secured creditors, and the protective scope of Section 32A of the IBC.
Results and Awards
After a series of intense submissions, National Law University, Delhi (NLUD) was declared the Winner. The team received a cash prize of ₹15,000 and a prestigious internship opportunity at Shardul Amarchand Mangaldas & Co.
Other notable achievements included:
• Runners-Up: O.P. Jindal Global University (JGU), awarded ₹7,000 and an internship at the Insolvency Law Academy.
• Best Speaker: Ms. Kajal Bang (O.P. Jindal Global University) for her exceptional oral advocacy.
Closing Ceremony
The competition concluded with a Valedictory Ceremony where the bench emphasized the necessity of procedural discipline and doctrinal clarity in the evolving landscape of Indian insolvency law. The event successfully reinforced RGNUL’s commitment to fostering deep academic engagement with corporate liquidation and commercial litigation.