DFS highlights mechanism for Timely Redressal of Insurance Policyholders' Grievances (See 'Corp Brief') CCRAS-NIIMH signs MoU with Sevadhi Museum and Indological Research Institute for Digitization (See 'Corp Brief') IBC - Second proviso to Rule 30(9) of Companies (Incorporation) Rules, 2014, acts as mandatory statutory bar, which prevents Regional Director from allowing shifting of registered office while appeal against resolution plan is pending: HC (See 'Legal Desk') Over 2 Lakh Villages, Now 'Har Ghar Jal' Certified (See 'Corp Brief') Companies Act - Assets of a company belong to the entity and its creditors, not its shareholders; transfer of company assets seemingly to place them beyond creditors' reach is impermissible: HC (See 'Legal Desk') MSDE convenes India-Japan Stakeholder Consultation to strengthen skilling (See 'Corp Brief') Competition law - Dealership termination, even if commercially harsh, does not by itself become competition law violation unless there is material showing an anti-competitive agreement causing dominance and abuse: CCI (See 'Legal Desk') Naidu flags off Tiranga Rally under Har Ghar Tiranga Campaign 2026 (See 'Corp Brief') IBC - EPC contract cannot be said to be frustrated by efflux of time merely because works have been suspended due to non-payment: SC (See 'Legal Desk') Capital Market - Trading while in possession of Unpublished Price Sensitive Information automatically triggers insider trading liability: SC (See 'Legal Desk') States recognised for Strong Performance in Anemia Mukt Bharat Abhiyaan (See 'Corp Brief') Misc - Winding-up proceeding and civil suit for recovery of money are distinct and independent remedies, and initiation of one does not impact limitation for other: SC (See 'Legal Desk') Patents - Invoking common general knowledge as basis for rejecting patent application without identifying & substantiating source of such knowledge is impermissible in a quasi-judicial order u/s 15 of the Act: HC (See 'Legal Desk') Gaj Gaurav Awards 2026 conferred for Exemplary Contributions to Elephant Conservation (See 'Corp Brief') IPR - In infringement action u/s 29(2)(b) of Trade Marks Act, where marks are similar but not identical, burden lies strictly on plaintiff to establish that similarity is likely to cause confusion: HC (See 'Legal Desk') Competition - Business model of online food delivery inherently differs from direct restaurant sales - price differential between two does not per se establish abusive conduct per the Competition Act: CCI (See 'Legal Desk') Partnership to Enable Voice-First, Multilingual AI for Citizen-Centric Governance (See 'Corp Brief') Union Minister of Textiles inaugurates IIHT SUTRA 2026 (See 'Corp Brief') CPC - Injunction granted in respect of certain clothing brands which their owner explicitly admitted to being deceptively similar to existing brands & where defendent attempts to skirt its contractual obligations with the plaintiff by making microscopic variations in its brand: HC (See 'Legal Desk') Over 50,000 saplings planted Across 31 States on Hariyali Amavasya (See 'Corp Brief') FEMA - Appellants contravened provisions by failing to realise & repatriate export proceeds within prescribed period - penalties on directors upheld: SAFEMA (See 'Legal Desk') India reaffirms Commitment to Elephant Conservation on World Elephant Day 2026 (See 'Corp Brief') Competition Act - High win rate by itself, unsupported by evidence of coordinated bidding, bid rotation, or anti-competitive agreements, does not establish bid rigging u/s 3(3)(d) of the Act: CCI (See 'Legal Desk') Ministry of Textiles to Celebrate Women Weavers Through 'Srijan: Voices from the Loom' (See 'Corp Brief') IBC - It is impermissible for NCLT to examine merits of dispute while considering application for CIRP u/s 9 by operational creditor: SC (See 'Legal Desk') Bharat Pashudhan and NFDP expand Digital Access, Services and Support for Farmers (See 'Corp Brief') Companies Act - It cannot be expected that registering authority would, in every case, independently identify whether every newly registered company name is identical with or similar to existing company name: HC (See 'Legal Desk') PDUNASS inaugurates Joint EPFO-ITC-ILO Training Programme (See 'Corp Brief') Patents - Claims must be construed as a whole without dissection - product claims are exempt - Section 3(m) objections remain independent of novelty, inventive step & Section 3(k) computer-related evaluations: HC (See 'Legal Desk') IBC - Subsequent efforts to sell mortgaged property does not amount to waiver of financial creditors rights: NCLAT (See 'Legal Desk') Prevention and Healthy Lifestyles must Go Hand in Hand with Disease Treatment : Jadhav (See 'Corp Brief') Ministry of Textiles to organise IIHT SUTRA 2026 (See 'Corp Brief') A&C - Award is patently illegal and liable to be set aside if it ignores vital evidence, applies circular logic, or blocks party from presenting its case: HC (See 'Legal Desk') In a first, 'Vande Mataram' to be sung from ramparts of historic Red Fort (See 'Corp Brief') National Handloom Designers' Conclave showcases Design-Led Innovation (See 'Corp Brief') PBPT - Routing of funds through company to appellant squarely attracts Section 2(9)(A) of the Act as property stood in name of benamidar while consideration emanated from beneficial owner: SAFEMA Tribunal (See 'Legal Desk') PM-YASASVI Scheme implementation in Maharashtra reviewed Regularly: Govt (See 'Corp Brief') MoS calls for greater Private Sector Participation in Biotechnology Ecosystem (See 'Corp Brief') IBC - Right of Personal Guarantor to invoke insolvency provisions of Sec 94 of IBC is statutory right that cannot be extinguished merely because Financial Creditor has initiated recovery proceedings under SARFAESI: NCLT (See 'Legal Desk') Empowering Nari Shakti: 1 crore houses allotted to women (See 'Corp Brief') MoS dedicates to nation first-of-its-kind 'Eco-Educational Hub' (See 'Corp Brief') NI Act - Moratorium protects corporate debtor in respect of insolvency proceedings, but does not grant immunity to natural persons from criminal liability already incurred on account of cheque dishonour: HC (See 'Legal Desk') XI BRICS Culture Ministers' meeting concludes in Bhopal (See 'Corp Brief') A&C - If prima facie arbitration agreement exists and non-signatories have shown conduct aligning with contract, referral court should allow arbitrator to finalize list of parties based on detailed evidence: HC (See 'Legal Desk') Railways approves introduction of Daily Itarsi-Madan Mahal Passenger Service (See 'Corp Brief') A&C - Arbitral award is patently illegal if it is rendered in summary manner without allowing parties to lead evidence or be heard on critical pleadings: HC (See 'Legal Desk') Tete-a-tete around AI in banking sector often begins with algorithms (See CORP EINSICHT)

Print

RBI Dy Governor highlights critical role of IBC in improving quality of bank assets

Published: Dec 09, 2024

By TIOLCorplaws News Service

NEW DELHI, DECEMBER 09, 2024: THE Insolvency and Bankruptcy Board of India (IBBI) in association with INSOL India organized an International Conclave focusing on “ Insolvency Resolution: Evolution & Global Perspective ”. The event brought together distinguished experts and practitioners from across jurisdictions to share insights and experiences in insolvency resolution.

Mr. M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India graced the occasion as Chief Guest. He highlighted the transformative journey of the Insolvency and Bankruptcy Code (IBC) since 2016, emphasizing its critical role in improving bank asset quality and facilitating substantial pre-admission settlements of underlying debts of over ?10 lakh crore. While acknowledging the substantial progress made in cleaning up banks' balance sheets, the Deputy Governor also underscored potential areas of improvement. The address stressed the importance of collaborative e?orts among stakeholders, with a focus on restructuring and revival, and suggested that detailed studies of IBC cases could provide valuable insights for future lending strategies.

Mr. Ravi Mital, Chairperson, IBBI in his special address highlighted the versatility and transformative potential of the Code, underscoring its role in dismantling the "defaulters' paradise" through signi?cant behavioural changes in the debtor-creditor ecosystem. He noted the remarkable settlement of over 28,000 cases before admission, while also addressing challenges such as time-sensitive nature of value preservation. Emphasizing IBBI's proactive approach, he outlined key regulatory reforms aimed at reducing delays and maximizing asset value. He also mentioned about consideration of innovative approaches like mediation, creditor-led resolution processes, and group insolvency mechanisms.

Mr. Rajnish Kumar, Ex Chairman, State Bank of India delivered the special address. Drawing from his ?rsthand experience as SBI Chairman during the initial stages of the IBC, he characterized the IBC as one of the most signi?cant economic reforms, highlighting its transformative impact on the banking ecosystem. He emphasized that the true success of IBC should not be measured solely by the recovery rate, but by its broader achievements in reshaping the debtor-creditor relationship and enhancing the overall health of the banking sector. He underscored the importance of the Committee of Creditors (CoC) pursuing the larger objective of value maximization.

Dr. Sonali Abeyratne, Technical Director of INSOL International, also delivered the special address. In her address she outlined the organization's core functions and recent initiatives. She speci?cally discussed INSOL International's engagement with INSOL India and emphasized the importance of international collaboration and sharing global best practices in insolvency resolution.

Mr. Dinkar Venkatasubramanian, President of INSOL India, delivered welcome address. In his address, he traced the evolutionary journey of the Insolvency and Bankruptcy Code (IBC) in India. He highlighted the Code's signi?cant impact on the insolvency resolution landscape. He also outlined INSOL India's recent initiatives aimed at strengthening the insolvency ecosystem in the country.

Mr. Rana Ashutosh Kumar Singh, Managing Director, SBI delivered a keynote address. He provided lenders' perspective on the Code, highlighting its phenomenal evolution and signi?cant contribution. Drawing from his international experience in insolvency frameworks, Mr. Singh lauded the IBC's transformative impact on bank pro?ts and asset quality. He emphasized the critical need for maintaining bank health as a cornerstone of achieving the vision of Viksit Bharat , and o?ered constructive suggestions for further improvement.

The Conclave included three panel discussions. The ?rst Panel Discussion was on the theme "Issues, Recent Developments & New Trends in Restructuring & Insolvency Across Jurisdictions". The session was chaired by Mr. Sumant Batra, President, Insolvency Law Academy. The eminent speakers of the session included Mr. Craig Martin, Partner, Global Co-Chair, Restructuring and Managing Partner, DLA Piper; Mr. Jose Carles, Managing Partner, Charles, Cuesta, Spain; Ms. Lauren Tang, Managing Partner, Virtus Law, Stephenson Harwood; and Mr. Debanshu Mukherjee, Co-Founder & Lead, Vidhi Centre for Legal Policy. The session was moderated by Mr. Ashwin Bishnoi, Partner, Khaitan & Co.

The second Panel Discussion was on the theme "Judgment Enforcement, Asset Recovery and Personal Guarantees". The session was chaired by Ms. Anita Shah Akella, Joint Secretary, MCA. The distinguished speakers included Mr. Steven Kargman, Founder & President, Kargman Associates; Ms. Amelia Tan, Counsel, Carey Olsen Singapore LLP; and Mr. Wei Yang, Partner, Kirkland & Ellis, Hong Kong.

The session was moderated by Mr. Anoop Rawat, Partner, Shardul Amarchand Mangaldas & Co.

The third Panel Discussion focused on "Role of Institutional Creditors in Corporate Resolution Across Jurisdictions". The distinguished speakers included Mr. R. Subramaniakumar, MD & CEO, RBL Bank; Mr. Ravi Subramanian Shankar, Partner, Kirkland & Ellis, United States; Mr. Shaun Langhorne, Partner, Cli?ord Chance, Singapore; and Mr. Rajat Agrawal, Head of Acquisitions, Corporate & SME, ARCIL. The session was moderated by Ms. Pooja Mahajan, Managing Partner, Chandhiok & Mahajan.

Two insightful Fire Side Chat sessions were conducted during the conclave. The ?rst session focused on the role of investors in the stressed assets ecosystem, featuring Mr. Arijit Basu, Retd. Managing Director, State Bank of India; Mr. Amit Agarwal, President & Head – Private Credit, Edelweiss Alternatives; and Mr. Shantanu Nalavadi, Managing Director, India Resurgence Asset Management Business Pvt. Ltd. Mr. Basu in his address, noted the positive impact of IBC on debtor-creditor relationship. The session included deliberation on issues related to facilitation of investment, particularly foreign investment and private credit, in stressed asset market.

The second Fire Side Chat session featured representatives from Resolution Applicants including Mr. Hemant Kumar, Executive Director -- Corporate Finance, Dalmia Bharat Group and Mr. Shailesh Apte, President, Group Head-M&A and Growth Strategy, Welspun World, who shared the perspectives of resolution applicants on the issues related to the Code. The session was moderated by Ms. Smiti Tewari, Partner, Khaitan Legal Associates. They discussed the issues related to resolution applicants and importance of development of stressed asset market to achieve IBC's objective of value maximisation.

Large number of stakeholders of the IBC ecosystem, including insolvency professionals, legal ?rms, consulting ?rms, ?nancial creditors, service providers, professionals, regulators, academia and government o?cers joined the Conclave both in physical as well as online mode.

Mr. Jayanti Prasad, Whole Time Member, IBBI, felicitated the esteemed guests of the inaugural session. Mr. Kulwant Singh, Executive Director, IBBI concluded the conclave with a vote of thanks to all participants and stakeholder .

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.