In December, 2022, ILA posthumously awarded Emeritus Fellowship to Late Shri Arun Jaitley in recognition of his distinguished leadership and public service in insolvency.

Late Shri Arun Jaitley, former Union Minister of Finance, Corporate Affairs, Law, Defence and Information & Broadcasting, was an outstanding parliamentarian, a distinguished lawyer of India and public spirited citizen. He held many important portfolios and made significant contributions in the areas of economic liberalisation, judicial reforms, electoral reforms and progressive social and economic legislations in India.

The structural reforms taken under his watch will have a wide-ranging impact in the years to come on freedom to start, freedom to continue and freedom to exit business, the three key inter-wined limbs of economic freedom. As India’s Finance and Corporate Affairs Minister, he heralded the enactment of the Insolvency and Bankruptcy Code 2016, an epic reform. Under his leadership, the Indian government defied its poor track record on the implementation of laws by deploying unprecedented political will for effective roll out of the Code – a feat well-accomplished. He keenly observed developments and experience in the initial years of implementation of the Code and rapidly brought in changes to plug the gaps spotted in the Code to make the process and outcomes more efficient and efficacious. The speeches and statements on the Code made by Shri Jaitley on the floor of the Parliament have been cited in many judgments by the Supreme Court.
Between October 1999 – July 2002 and January 2003- February 2004, Shri Jaitley held charge of the Ministries of Information and Broadcasting; Disinvestment; Law, Justice and Company Affairs; Shipping; and Commerce & Industry. From 3 June 2009-2 April 2012 and from 3 April 2012 until 26 May 2014, he served as Leader of the Opposition, Rajya Sabha. Thereafter, he was Union Finance and Corporate Affairs Minister until May 30, 2019. Between these periods, he additionally held portfolios of Union Defence and Union I&B Minister.

Shri Jaitley pioneered the disinvestment programme in the country, helped usher in the new telecom policy, and introduced the biggest tax reform since independence i.e. Goods & Services Tax (GST) in India. As the Law Minister, he brought faster disposal of cases through the Fast Track Courts with reforms in the Civil and the Criminal Procedure Codes. As a defence minister, he envisioned upgradation of the forces by technological & ammunition upgrade. He steered the landmark strategic partnership policy in Defence and approved measures for enhanced combat-ability of Indian forces. As Commerce & Industry Minister, he took a firm position in support of the Indian farmers and successfully steered the Indian negotiations at the WTO during the challenging days in the run-up to the crucial Ministerial meeting at Cancun in 2003. He piloted the Competition law to bring the corporate legal framework in tune with the liberalisation. The path breaking reforms ushered by Shri Jaitley have left an indelible mark on India’s business and economic landscape. He has settled into national memory as a reformer of the economy.

Born on December 28, 1952, Shri Arun Jaitley completed schooling from St. Xavier School, New Delhi. He graduated in Commerce from Sri Ram College of Commerce, New Delhi and obtained his LL.B from the Faculty of Law, University of Delhi in 1977. He was President of the Delhi University Students’ Union in 1974 and during the Emergency; he was under preventive detention for 19 months for safeguarding democracy.

In 2020, he was posthumously conferred Padma Vibhushan, the nation’s second highest civilian honour. In 2010, the President of India, conferred the Outstanding Parliamentarian Award on Shri Jaitley. The University of Wolverhampton conferred on him an Honorary Degree of Doctors of Letters on 26 May 2011. The United States of America’s House of Representatives honoured him in June 2011. He was felicitated and honoured with ‘City Council Citation’ by the New York City Council as an outstanding Citizen, one who is worthy of the esteem of both community and the great City of New York. In 2019, posthumously, the ET Lifetime of Public Service Award was conferred on him.

He is also remembered as one of the most sterling legal minds in the country. In his illustrious legal career of nearly three decades, Shri Jaitley argued several cases which shaped the country’s legal jurisprudence. Known for his erudition, legal acumen, excellent communication skills and political leadership, Shri Jaitley was above all a humanitarian who worked tirelessly for the upliftment of the common man and the progress and development of the Nation.
Shri Jaitley left for his heavenly abode on August 24, 2019, is survived by his wife Sangeeta Jaitley and children, Rohan and Sonali.Late Late