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Attractive stressed assets up for sale in India: Jaitley
New Delhi, Dec 7 (IANS) India’s bankrupt companies offer a never-before opportunity to the global investors to ride the country’s exceptional growth trajectory, thanks to the Insolvency and Bankruptcy Code (IBC), Finance Minister Arun Jaitley said.
“Given the future potential of the Indian economy and the fair process followed under the Code, it is a great opportunity for investors who are seriously thinking about investing in India,” he said through a video conference at an event in New York.
Jaitley said India’s economy is growing faster than some of its contemporaries amongst the emerging economies and it is likely to maintain this high growth rate of at least 7-8 per cent over the next decade, the Finance Ministry said in a statement on Friday.
He was addressing fund houses and law firms at a conference on “Insolvency and Bankruptcy Code – A New Paradigm for Stressed Assets”, hosted by the Insolvency and Bankruptcy Board of India (IBBI) and the Consulate General of India, New York, USA on Wednesday.
“There can’t be a better opportunity than the present one which is being offered through the Code. This is the right time and right place to be in India for these kinds of investments,” he said noting the number of stressed assets available for takeover is extremely large.
Prior to the IBC, he said the scattered regime had impacted the domestic private investment with over capacities in certain sectors coupled with “unacceptably high” levels of non-performing assets in the banking system, hindering growth.
Jaitley said the government not only enacted the Code expeditiously but is also implementing it at an unprecedented pace. Despite the initial teething troubles, which the government is addressing, the outcome has been better than anticipated.
“The only downside has been that in some of the cases because of appeals and counter-appeals and litigations, the process has got somewhat delayed. But then the Supreme Court has stood up to the occasion,” he said.
The participants were keen to understand the process certainty, time certainty and outcome certainty.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.