Charu Mathur: Sir, my next question is specifically towards the students or the young professionals who have just come to the practice. If they want to build the practice here on the IBC, how they should start with?

U K Chaudhary: See according to me, there are all three aspects open for them. 

Number one, that in my own practice, I have seen a quantum jump in the number of cases going to the NCLT and NCLAT. Earlier, we were dealing in the National Company Law Tribunal, only relating to the company matters but with the advent of the IB Code cases coming up, the number of cases and the number of professionals going to the tribunal, has at least jumped in my personal opinion, at least three times to four times. So, there is a good scope to be a lawyer, expertising in company law read with the Insolvency and Bankruptcy Code and all other related legislations which help in becoming a good corporate lawyer. 

Other than that also, if you are not interested in practice as a lawyer because first few years are a very tough call for every lawyer, then you can even go for a specialised course on the Insolvency and Resolution Professionals, register yourself with IB, and even if you, in a given point of time, in a year or two years become an IRP or one or two companies, it's not a bad proposition because from the one or two companies, for a period of one year or two years, you can earn a very handsome salary and remuneration from those one or two companies itself. So, it’s not a bad profession at all, in addition to that if you are a Chartered Accountant and you are Company Secretary who knows much about finance and accounting, then you can even become a valuation professional. So, you become a valuer who can not only be a valuer of the securities and the financial instruments or the financial assets,. but according to me, relating to the land and building also. So, if you register yourself with a valuer, you may also land up with a couple of assignments over a period of one year or so because a number of companies are going in the CIR process and all of them invariably require valuation and they also require the CIR process and professionals.

Charu Mathur: Sir, your last piece of advice to our viewers.

U K Chaudhary: According to me, the viewers, if they are interested as students or as corporate or any stakeholders, they must understand their rights relating to the Insolvency and Bankruptcy Code. As I was advised at the beginning of my career from my seniors that the only way into the best to understand legislation is to read, read and read. Therefore they should not only read IB Code but read Companies Act, read Indian Contract Act, read Limitation Act and various other legislation because all of them are so intricately connected with each other that to have a full understanding of a company or the CIR process, they must be well equipped with the skills and knowledge.

Charu Mathur: Thank you so much sir, for your advice and your time.

U K Chaudhary: Thank you very much! I’m grateful for this interview.