Co-organisers: FICCI, IBBI & High Commission of Singapore
The Insolvency and Bankruptcy Code, 2016 (Code) reconceptualised the framework for insolvency and bankruptcy in India. In the years following the enactment of the Code, the insolvency landscape has transformed: the provisions relating to corporate persons have been fully operationalised; two new professions - insolvency professionals and registered valuers - have developed; some of the largest stressed assets have been resolved; and rich jurisprudence has emerged. The work relating to individual insolvency, cross border insolvency and group insolvency is underway. The professionals and market participants are evolving best market practices while the Adjudicating Authority, the Appellate Authority and the Courts are settling unfolding contentious issues and refining the role of various stakeholders in the resolution processes. The authorities are constantly monitoring the implementation of the framework and amending the Code and the regulations made thereunder to address the emerging concerns and facilitate expeditious conclusion of processes. It has become a reform by the stakeholders, for the stakeholders and of the stakeholders.
The Code seeks to unlock the true underlying value of stressed assets and ensure their sustainable turnaround. Within a short span of time, about 1600 corporates, some of whom have very large stressed assets, have been admitted into corporate insolvency resolution process. About 400 of them have completed the process, either yielding resolution plans or ending up in liquidation. The huge potential for resolution of stressed assets has been attracting interest from domestic as well as global investors.
Against this background, the Federation of Indian Chambers of Commerce and Industry, in association with the Insolvency and Bankruptcy Board of India and the Indian High Commission in Singapore, is organising a Roadshow from 6th - 7th June 2019 on ‘Insolvency and Bankruptcy Code of India - New Paradigm for Stressed Assets’ at The Fullerton Hotel, Singapore. The Knowledge Partners for the Roadshow are Deloitte India and Shardul Amarchand Mangaldas & Co.
As part of the Roadshow, a Conference would be organized which would bring together potential investors, financiers, legal and other consultants, etc for disseminating how IBC has created a plethora of opportunities for investors to partake in India’s robust growth story. The details of the Conference are as under:
Date: Thursday, 6th June, 2019
Time: 9:00 am - 13:30 pm (followed by lunch)
Venue: Hotel Fullerton, Singapore.
The Roadshow also includes meetings with focused groups of potential investors and professional firms on 6th - 7th June, 2019. These meetings would offer an opportunity to understand the details of the insolvency reforms and investment options and opportunities in stressed assets in India with the policy makers, regulators, leading law firms and consulting firms, and financial intermediaries.
Distinguished speakers at the Roadshow will include:
- Dr M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India
- HE Mr Jawed Ashraf, High Commissioner of India in Singapore
- Mr Gyaneshwar Singh, Joint Secretary, Ministry of Corporate Affairs, Government of India (Invited)
- Mr. Sunil Mehta, Chairman, Indian Banks’ Association and MD & CEO, Punjab National Bank
- Ms Anshula Kant, Managing Director, State Bank of India
- Mr Shardul Shroff, Chairman, FICCI Committee on Stressed Assets and Executive Chairman, Shardul Amarchand Mangaldas & Co., Advocates & Solicitors
- Mr Sunil Sanghai, Chairman, FICCI Capital Markets Committee and Founder & CEO, NovaDhruva Capital Pvt Ltd
- Mr Bahram N. Vakil, Founding Partner, AZB and Partners, Advocates and Solicitors
- Mr Mohit Saraf, Co-Chair, FICCI National Committee on Stressed Assets and Senior Partner, Luthra & Luthra, Law Offices
- Mr. A. S. Chandhiok, Senior Advocate
- Mr. Sumit Khanna, National Head (Corporate Finance & Restructuring Services), Deloitte India
- Mr. Sanjeev Agarwal, Partner (Corporate Finance & Investment Banking) PricewaterhouseCoopers India
- Mr R K Bansal, MD & CEO, Edelweiss ARC
- Mr Vishal Goenka, Managing Director, Head of Distressed, Financing and Loan Sales, Asia, Deutsche Bank AG
- Mr Nikhil Shah, Managing Director, Alvarez and Marsal
- Ms Jyoti Vij, Deputy Secretary General, Federation of Indian Chambers of Commerce and Industry
Similar roadshows were conducted in New York and Toronto during the month of December 2018 and in Hong Kong in April 2019. The Consulates General of India in New York, Toronto and Hong Kong had partnered with FICCI for the organization of the roadshows, which served the useful purpose of apprising foreign investors about the investment opportunities, strategic as well as financial, across sectors in India. Hon’ble Finance Minister of India, Mr Arun Jaitley had inaugurated the Conference in New York (via video conferencing). Encouraged by the response received, the third leg of the international roadshows on IBC is being organized in Singapore.