The Corona virus pandemic (Covid-19) is the defining global crisis of our time and the greatest global humanitarian challenge that the world has faced since World War II. Along with an unprecedented human toll, the Covid-19 pandemic has triggered a deep economic crisis. The recession is hurting low-income economies disproportionately. India is also facing a significant economic shock. The Russian-Ukraine war has caused further disruption and delayed the recovery expected from Covid-19. The spectre of these events hovers amid the economic turbulence caused by Covid-19.

We are already on the cusp of a new world order in which the forces of uninterrupted globalisation process will likely give way to the forces of protective nationalism and self-dependence. The emerging world order will evince more intense geo- political competitions and tension among great powers. This poses a grave risk to the global supply chains which will produce negative economic outcomes in many countries leading to a realignment of international groups and alliances. These dynamics will compel making decisions to adjust foreign affairs and trade policies resulting in a churn in the corporate and trading world. Indian companies will be compelled to rapidly remodel to the shifting goal posts. This could leave many companies unable to change to the new economic order and face the risk of distress. The insolvency systems around the globe are rapidly evolving in view of changing times.

Insolvency Law Academy proposes to set up the Next Generation Reforms Research Fellowship to constantly review and analyse the global and local developments and recommend adoption of suitable reforms for the development of a robust insolvency eco-system.