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Miles to go for the new bankruptcy code

👉The new bankruptcy code yields its first success, but many wrinkles remain👈 Good news has finally started to roll out of the refurbished bankruptcy courts. Tata Steel acquired 73% stake in the bankrupt firm Bhushan Steel for about ₹35,000 crore last week, making it the first major resolution of a bankruptcy case under the new Insolvency and Bankruptcy Code (IBC). Bhushan Steel was one among the 12 major accounts referred to the National Company Law Tribunal at the behest of the Reserve Bank of India last year to ease the burden of bad loans on banks. The proceeds from the acquisition will go towards settling almost two-thirds of the total outstanding liabilities of over ₹56,000 crore that Bhushan Steel owes banks. While it may be unwise to read too much into a single case, the Bhushan Steel resolution is nevertheless an encouraging sign for banks because they typically manage to recover only about 25% of their money from defaulters. In fact, between April 2014 and September 2017...
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The last to know: on ICICI imbroglio

For Offline Reading   =>  Click here 👉The conduct of the board of ICICI Bank raises questions about corporate governance👈 The board of ICICI Bank has finally acted on the allegations of misconduct against its CEO and managing director, Chanda Kochhar. It had earlier maintained that she was on annual personal leave; now, she will stay away from the office till the completion of an inquiry into the charges levelled against her by a whistle-blower. Rather than allow the controversy to fester, the board of ICICI Bank, an institution that often sought to hold a mirror up to the inefficiencies of public sector banks, should have acted earlier. Till the inquiry is complete the bank will be steered by a new chief operating officer, Sandeep Bakhshi. The official version is that he will report to Ms. Kochhar, who herself took the decision to go on leave till the end of the inquiry — but this is at best a face-saving cover for a board that was reluctant to act since the contro...
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Pre-emptive strike: on RBI's repo rate hike

👉As inflationary trends harden, the RBI’s rate hike will quell uncertainty in the markets👈 At the end of an unusually long three-day meeting, the Monetary Policy Committee of the Reserve Bank of India opted for a hike in key interest rates by 25 basis points — the first such increase in four and a half years. This hike, the first during this NDA government’s tenure, was approved unanimously by the six-member committee, citing worries about hardening inflation trends and a firming up of growth recovery at home. Global uncertainties affecting emerging markets in particular have played a role as well — be it rising tensions over trade wars initiated by the Donald Trump administration or the strengthening dollar or further rate hikes by the Federal Reserve that could strengthen the exodus of global capital from emerging markets such as India. Already, between January and May, outflows from foreign portfolio investors have reached their highest level in 10 years, and by June 4, $6.7 b...
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Seller beware: homebuyers and Bankruptcy Code

👉The proposed change to the Bankruptcy Code must treat homebuyers a step above lenders👈 Homebuyers parted of their money by real estate developers have some relief coming their way. The Union Cabinet has cleared an ordinance amending the Insolvency and Bankruptcy Code (IBC), a law which came into force in November 2016 to hasten the process of winding up failed businesses. While the government refused to divulge specific details of the amendment, the change to the law is expected to help offer better treatment to homebuyers when it comes to recovering their dues from bankrupt companies. A 14-member panel formed by the Ministry of Corporate Affairs had recommended last month that homebuyers should be treated as financial creditors during the bankruptcy resolution process. It is yet to be known whether homebuyers will be treated better or worse than banks and other financial lenders under the amended law. But there is a sound reason to treat them a step above these traditional lend...
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