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To speed up proceedings and counter a mounting caseload, the Ministry of Corporate Affairs last week published published dozens of proposed amendments to the insolvency code, giving the public until Feb. 7 to provide input. Any changes to the law would have to be voted on by parliament.
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Under the agreed one-time settlement with Sivasankaran’s SIHL, banks will get 10 percent of their money owed which they say is better than liquidation value. Some eperts say defaulting promoters could use this way to take back control of their companies at a pittance.
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The economy is too fragile to be burdened with a disruptive programme such as the NRC
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The fact that so few cases are resulting in resolution is not necessarily a function of the IBC process itself. It is the function of a slowing economy.
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The report said the NCLAT ruling could have had material implications for recoveries by banks, pointing out that Essar is the largest NPA being tackled in the resolution process to date.
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Th government is likely to introduce a Bill for resolution of insolvent financial firms
during the ongoing session of Parliament.
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IBBI has been set up under the Insolvency and Bankruptcy Code that seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.
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Stressing that major structural reforms will have a huge impact on India's growth in years to come, Kant said India is currently going through "short term pains" for long-term gains.
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The main objective is to drive growth even further to 9 percent from 7.5, says Amitabh Kant.
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CNBC-TV18's Shereen Bhan caught up with the World Bank President Jim Yong Kim who is in India and started by asking him about his views on Brexit and its impact on the global markets.
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In next two years, the company plans to grow both organically and via acquisitions in its financial services, pharmaceutical and information management business, says Ajay Piramal, Chairman of the Piramal Group.
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Moody's said the new law entails greater efforts by corporate borrowers to avoid default and thereby a possible insolvency resolution process, as such a procedure would cause management to lose control over the company immediately.
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Speaking at an IAMAI event here, Amitabh Kant said the ecosystem of innovation is just "beginning to blossom" and one is seeing a resurgence of young Indians starting new businesses.
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Structural reforms remain key to
ensuring a steady 8 percent growth in medium term for the Indian economy, Standard and Poor's Global Ratings said on May 18, even as it saw India remaining largely insulated from ups and downs of Chinese economy
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The new Bankruptcy Law will fast- track recovery of dues from defaulters and employees will be first in line to get their share from liquidation of assets if a company goes belly-up, says Union Minister Jayant Sinha.
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Law needs setting up of right infrastructure, sufficient people and the right technology, says Arundhati Bhattacharya. She believes FY17 will be better if the law is implemented well.
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Ridham Desai of Morgan Stanley says the market will be focused on RBI policy - a rate cut of 25 bps expected, the Parliament session - watch for action on the GST bill and Bankruptcy Law, the Q4FY16 earnings season - how bad can it get from here and the state election results although the BJP is not a key player in these polls.
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Arvind Sanger, managing partner at Geosphere Capital Management says fundamental growth that emerging markets and China is facing hasn‘t washed away yet.
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Sanjay Dutt, director of Quantum Securities, says the Union Budget will be taken positively if the FM indicates aggressive government spending to boost investment cycle
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Arvind Sanger of Geosphere Capital Management says the woes of the banking sector need to be dealt with comprehensively. According to him, the bankruptcy law is crucial for banks to recover
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For India to grow at 7.7-8 percent, implementation of reforms like Goods and Services Tax (GST) and Bankruptcy law are necessary. "I would say post-1991 reform, from 2003-14, India grew at 7.7 percent, said Planning Commission's former deputy Chairman Montek Singh Ahluwalia.
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Jaitley, speaking at an event in Hong Kong, also said a draft of a bankruptcy law was almost ready and he hoped to submit it to parliament in the near future.
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"The bankruptcy code was to be ready by the end of July and I think it's going to be ready any of these days. The arbitration law is already cleared by Cabinet and it will be introduced in Parliament. So, all the three are ready."
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Finance Minister Arun Jaitley has a paradoxical problem on his hands: the same policy that will fatten the public purse has the ability to flatten it if the high prices paid at auctions end up ruining the balance-sheets of banks, forcing him to recapitalise them at public expense.
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On the labour side, finance minister Arun Jaitley has decided to let states take a call, says Panagariya.
