Top News
Centre ready to change IBC to boost market for stressed assets (Lead)
New Delhi, Aug 3 (IANS) The government is willing to make further changes to the Insolvency and Bankruptcy Code (IBC) which has become a game changer in resolving the massive non-performing assets (NPAs), or bad loans, problem of India’s banks and creating a market for stressed assets, a senior official said on Friday.
Speaking at the Insolvency and Bankruptcy Reforms Conference here organised jointly by the Insolvency and Bankruptcy Board of India (IBBI) and the Indira Gandhi Institute of Development Research, Corporate Affairs Secretary Injeti Srinivas also sought to dispel certain “myths” about the Code, including on provisions related to barring of wilful defaulters from the bidding process for stressed assets brought under the IBC.
“It is a game changer. The future contours of the Indian economy will be positively influenced by this. The government is more than willing to take any good suggestion, evaluate it and bring further changes in the IBC, if required,” Srinivas said.
He said the law, which has already been amended four times, has achieved much in less than two years since it was enacted. Earlier, the rules were focused on recovery instead of resolution, thereby losing much economic value in the stressed assets.
“The code has already undergone four amendments. It clearly shows that the government means business and is working towards redefining the rules of the game,” Srinivas said.
India has made a significant progress in terms of the four parameters of the World Bank’s insolvency resolution framework — time taken for resolution, insolvency cost, outcome and recovery.
“On all these parameters, we have within two years jumped more than 30 ranks. On the insolvency resolution framework, we were ranked 136 but now we have come to 103,” the Secretary said, adding India will rise further in the World Bank rankings next year after the IBC amendments are operationalised.
He also said it was not true that the IBBI, which executes the IBC, prevents promoters from bidding for the stressed assets.
“This is a myth. Section 29(A) will show you that we prevent an undesirable resolution applicant, including a promoter. We have not prevented the promoter alone,” he said.
Srinivas also denied that there was no competition in bidding for stressed assets.
“People are bidding and re-bidding. In fact, in the steel sector, land itself is a big attraction and therefore there is a lot of competition.”
The Secretary had said earlier this year that less than half of the staggering Rs 9 lakh crore worth of NPAs accumulated by banks had returned due to the system set in place by the IBC.
Noting that the Reserve Bank of India had referred 12 accounts, totalling about 25 per cent of the gross NPAs, for resolution under the IBC in June last year, Srinivas said a “good outcome” on half of these cases would help boost confidence in the system, a key component of which is the National Company Law Tribunal (NCLT) — the final adjudicator.
–IANS
bc-mgu/nir
Top News
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.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
