Early investigations involved the British Army, the government of British India, the government of Japan, and the Allied Forces. The primary objective was to ascertain whether Netaji, known for his staunch opposition to the British, had indeed perished in the crash.

The Parakram Diwas holds immense importance in honouring Netaji's legacy and inspiring generations to come. In 2021, the inaugural event took place at Victoria Memorial Hall in Kolkata. 

The event, taking place in the Ram Leela Maidan and Madhav Das Park in front of Red Fort, aims to commemorate the legacy of India’s revered freedom fighter Netaji Subhas Chandra Bose and his Azad Hind Fauj.