New Bankruptcy Code: Will It Work? - The Firm

Over Rs 3 lakh crore of public money is stuck in bad assets or non-performing loans – many of them insolvent companies. The World Bank says resolving insolvency takes over 4 years in India and the average recovery is 25 cents to the dollar. The Sick Industrial Companies Act and the Board Of Industrial Financial Reconstruction have failed to speedily revive or liquidate companies and recover assets. And so a committee appointed by the government has proposed a new bankruptcy code. To discuss this new approach and features, Menaka Doshi of CNBC-TV18 is joined by a veteran panel - Cyril Shroff, Managing Partner - Cyril Amarchand Mangaldas, Vinayak Bahuguna, CEO & MD of India’s largest asset reconstruction company, Arcil, Alok Dhir, Managing Partner - Dhir & Dhir Associates, a law firm that specialises in restructuring and insolvency and MG Vaidyan, Deputy Managing Director of SBI and Head of the Stressed Assets Group.