HISTORY OF INSOL INDIA

INSOL India was conceived on September 27,1997 at a get together of law persons and judges hosted by Mr. Arun Jaitley, Senior Advocate. The initiative was taken by Mr. Arun Jaitley at the instance of Hon'ble Mr. Justice D.P. Wadhwa, the then Judge, Supreme Court of India who, at that point of time, was the only member of INSOL International from India. INSOL International is a world -wide association of accountants, lawyers and judges specialising in insolvency laws.
The formation of INSOL India fulfilled the long cherished desire of the members of the legal fraternity, chartered accountants, company secretaries and other persons, bodies and institutions in India, to have an association which would help in promoting closer co-operation, exchange of ideas, dissemination of information and an empathetic understanding of law, more particularly, law of Insolvency and related laws.

The Executive Committee of INSOL India assumed charge of the management of the association from the day of its inception and the INSOL India secretariat was set up.
The leadership of the association was vested in Mr. Justice Manmohan Sarin, Judge, High Court of Delhi who was unanimously nominated as the first President of INSOL India.

A committee comprising of Mr. Arun Jaitley and Mr. Sumant Batra was constituted to draft the Charter of INSOL India setting down, amongst others, the aims and objectives of INSOL India, the categories and eligibility criteria of membership.

In the first year of its inception, INSOL India concentrated on its organisation and establishment. The second year was that of consolidation.
A Memorandum of Association was drafted on the basis of the Charter drafted by the committee. The membership was opened to judges, lawyers, chartered accountants, company secretaries, financial institutions, and banks, insurance companies and other bodies.

The task of negotiating the terms of membership of INSOL India with INSOL International and the use of word `INSOL' in the name of the association was successfully achieved under the leadership of Justice Wadhwa and Justice Sarin. The matter was taken up with the then President of INSOL International, Mr. R. Gordon Marantz, Q.C. Later on Mr. Richard C Turton, Past President of INSOL International and Miss Claire Broughton, Executive Director of INSOL International met Mr. Batra in 1998 to discuss the various modalities of membership and how the two Associations could be of mutual benefit to each other. Justice Wadhwa and Justice Sarin discussed the matter further with them at Auckland conference. INSOL India finally became the member of INSOL International in August 1999.

All this time INSOL India also built up its membership.

INSOL India is now a society registered under the provisions of Societies Registration Act XXI of 1860. A certificate to this effect was issued by the Registrar of Societies, Government of National Capital Territory of Delhi on 11th January 2000.