Data from Insolvency & Bankruptcy Board of India shows time taken to come up with a resolution plan is 2.5 times what it was 4 yrs ago. Recoveries are only about 1/3 of claim amounts.
Neeraj Ghaywan’s Homebound, starring Ishaan Khatter, Vishal Jethwa, Janhvi Kapoor, has been shortlisted in the Best International Feature Film category for the 98th Academy Awards.
As Visakhapatnam readies a mega airport, the Andhra Pradesh government has revived its shelved Dagadarthi project, aiming to boost cargo and connectivity on the south coast.
Both the Russian and Ukrainian militaries are leaning on drones, but they’re also firing cruise and ballistic missiles, some of them relatively new and experimental.
UK, EFTA already in the bag and EU on the way, many members of RCEP except China signed up, and even restrictions on China being lifted, India has changed its mind on trade.
This column is quite shallow and avoids a few key areas where data should have been collected and presented. Increasingly IRP is becoming a rent-seeking profession and together with increased timelines, the columnist should have tracked “loading” of IRP fees in the process. Recently there have been many instances of leading creditors, including banks, challenging expenses incurred by IRP. This data should be easy to get.
Also grapevine talks about “collusion” between IRPs and insolvent parties where “qualifying criteria” for auctions are kept to ensure friendly bidding.
As a result, most creditors today are preferring to go for a bilateral settlement.
In a real estate company case I know of, a particular project’s creditors wanted to dissociate and complete the project in partnership with another builder, but were refused to do so by the IRP. Case is dragging on and asset quality declining, making it lose-lose for everyone but the IRP and the delinquent.
IBC can be reformed by making IBC remuneration fixed, timelines defined and maybe a variable based on recovery % to align with creditor interests. Unless this beast is tamed, creditors have little incentive in getting caught in what is currently a blackhole.
This column is quite shallow and avoids a few key areas where data should have been collected and presented. Increasingly IRP is becoming a rent-seeking profession and together with increased timelines, the columnist should have tracked “loading” of IRP fees in the process. Recently there have been many instances of leading creditors, including banks, challenging expenses incurred by IRP. This data should be easy to get.
Also grapevine talks about “collusion” between IRPs and insolvent parties where “qualifying criteria” for auctions are kept to ensure friendly bidding.
As a result, most creditors today are preferring to go for a bilateral settlement.
In a real estate company case I know of, a particular project’s creditors wanted to dissociate and complete the project in partnership with another builder, but were refused to do so by the IRP. Case is dragging on and asset quality declining, making it lose-lose for everyone but the IRP and the delinquent.
IBC can be reformed by making IBC remuneration fixed, timelines defined and maybe a variable based on recovery % to align with creditor interests. Unless this beast is tamed, creditors have little incentive in getting caught in what is currently a blackhole.