Mumbai: It was exactly 12 months ago on the 12th of June that 12 of India’s largest debt defaulters were dragged to insolvency by the RBI. Dozens of other defaulting companies have since been frog marched to company law tribunal. The big 12 defaulters accounted for nearly 25 per cent of the gross NPAs in the Indian banking system.One year down, the results are mixed.
In order to mark this landmark move, BTVI is airing a series of special shows capturing the first 12 months of this saga and asking experts the big questions on how the process has panned out and how it would benefit our economy.
BTVI’s Mission CleanUp: 12 months, 12 companies series gets you the answers to the key questions: How has the resolution process under the IBC panned out? What will happen here onwards after the second amendment to the IBC law? Why has there been so much litigation? Will the next 12 months be about greater liquidation and lesser resolution? Will all the ex-promoters who have inflicted fraud on their companies be held accountable? Will the feet of fraudsters be held to the fire?
The series features eminent personalities like Siby Antony; CMD, Edelweiss ARC, Abizer Diwanji; Head of Financial Services, EY India, Somasekhar Sundaresan; Advocate, Supreme Court, Bomi Daruwala; Joint Managing Partner, Vaish Associates, Bahram Vakil; Founding Partner at AZB & Partners, as well former economic affairs secretary R. Gopalan among others. The series is airing every weeknight at 8:30 pm.
Talking about the special programming, Siddharth Zarabi, Executive Editor, BTVI says “BTVI is constantly working towards delivering content to its viewers that empowers them and adds value to their decisions. With this programming initiative ‘Mission Clean Up: 12 months, 12 companies’ we are raising key questions that are relevant to the country’s economy. Our panel discussions have opinion leaders and industry experts who throw light on the issues that concern the Indian taxpayer. With the Modi government acting with great speed to resolve issues with the IBC legal framework and ensure timely resolution of the mountain of bad debt, it is clear that our public sector banks will see an improvement in their financials going forward.”
The importance of this coverage is in the fact that as many as 75 of the companies undergoing insolvency process are listed on the stock exchanges. “One year down, the results are mixed. Two of the big 12 – Bhushan Steel and Electrosteel Steels have been resolved. Binani Cement, Essar Steel, JP Infra, Bhushan Power & Steel resolution has been delayed due to legal challenges, while two other firms – Era Infra Engineering and Jyoti Structures – are still within the 270-day deadline, while Alok Industries and ABG Shipyard had come close to liquidation”, Zarabi said, adding that BTVI remains committed to offering the best coverage of this gigantic effort to clean up India’s mountain of debt.