Overview
India faces a yin and yang situation with regard to its stressed assets problem. With bad loans in the ballpark of $200 billion, the situation appears grim. But the worst may be over, with the ratio of non-performing assets (NPA) declining at the fag end of 2018 and projected to shrink further this year.
Three years after the Insolvency and Bankruptcy Code -- the country’s bankruptcy law -- came into effect, more than 2,000 cases have been admitted into the corporate insolvency and resolution process. More than half of these cases remain unresolved. The vast majority have ended up in liquidation, with resolutions achieved only in around 5% of cases.
Participants in the ecosystem acknowledge that a beginning has been made, but feel that some fine-tuning is required to generate better outcomes. Nevertheless, stressed assets continues to be a lucrative segment -- not just for strategic buyers looking at attractive assets that have been shrouded under the cloud of debt, but also for financial investors.
To assess the progress of the bankruptcy law, structures and strategies being adopted by buyers as well as emerging challenges, Mosaic Digital, the corporate banner behind VCCircle, is organising the third edition of its Stressed Assets Investment Summit on August 8, 2019 at Taj Lands End Hotel in Mumbai.
Agenda
08:30 am - 09:40 am
Registration & Networking
09:40 am – 09:50 am
Opening Address
By Jaideep Mehta, CEO, Mosaic Digital
09:50 am – 10:00 am
Special Address
By Shardul S. Shroff, Executive Chairman, Shardul Amarchand Mangaldas & Co.
10:00 am – 10:45 am
Panel Discussion: Taking stock
Almost everyone acknowledges that the current norms and systems are not enough. What amendments still need to be made to the bankruptcy law? Is the system infrastructure strong enough to handle the number of cases, and if not, how can the number of key participants including insolvency resolution professionals be boosted?
Shantanu Nalavadi, Managing Director, India Resurgence Fund (IndiaRF)
RK Bansal, MD and CEO- Distressed Assets Resolution Business, Edelweiss Asset Reconstruction Company
Venkattu Srinivasan, President – Asset Reconstruction and Structured Credit, and member of Group Management Council, Kotak Mahindra Bank
Moderator: Beena Parmar, Special Correspondent, VCCircle
10:45 am – 11:30 am
Panel Discussion: Flying under the radar
All eyes have been focused on the showcase 12 large debtors and the other large corporates neck-deep in debt. But a growing number of mid- and small-sized companies are also coming under the stressed assets radar. Are there enough suitors for these assets or will a sizeable chunk of them end up in the liquidation trench? Will lenders to these companies by default have to take a larger haircut to yield a resolution?
N.S. Rao, Partner, Brescon & Allied Partners LLP
Rahul Chawla, Head - Global Credit Trading, Deutsche Bank India
Moderator: Bruhadeeswaran R, Assistant Editor, VCCircle
11:30 am – 11:45 am
Networking over Tea/Coffee
11:45 am – 12:30 pm
Panel Discussion: Which model is working for PE investors?
A few private equity firms have partnered with strategic buyers to tap into the stressed assets opportunity. Some are viewing the market with the lens of an asset restructuring company. Yet, others are adopting a vanilla approach with a stressed assets fund or eyeing exposure via their existing blind pool funds. Which model is bearing fruit? What are the learnings to date? What other structures can we expect going forward?
Kalpesh Kikani, MD and Senior Partner, AION Capital
Anurag Das, Managing Director & CEO, International Asset Reconstruction Company
Moderator: Ranjani Raghavan, Associate Editor, VCCircle
12:30 pm – 01:00 pm
Face Off: Is IBC the best bet?
From duration to quality of data, a mixed picture has emerged in terms of experiences between resolution of cases within and outside the IBC framework. How will things pan out going forward as stakeholders balance the need for maximum value generation with speedier resolution?
Ravi Chachra, Executive Chairman, Eight Capital Management
Abizer Diwanji, Partner & National Leader – Financial Services and Restructuring & Turnaround Services, Ernst & Young LLP
Chairperson: Anoop Rawat, Partner, Shardul Amarchand Mangaldas & Co.
01:00 pm – 01:05 pm
Closing Remarks
01:05 pm - 03:00 pm
Networking Lunch & Close of Conference
Speakers
Shardul S. Shroff
Executive Chariman, Shardul Amarchand Mangaldas & Co.
Shardul S. Shroff
Executive Chariman, Shardul Amarchand Mangaldas & Co.
Mr. Shardul S. Shroff is the Executive Chairman at the Firm. He has over 38 years of experience in General Corporate, Mergers & Acquisitions, Insolvency and Bankruptcy, Securities Law, Disinvestment & Capital Markets. Mr. Shroff heads the Insolvency & Bankruptcy practice at the Firm. He is a leading authority on matters related to Corporate Governance, Mergers & Acquisitions, Government Regulation and Bankruptcy & Insolvency Law.
Widely regarded as a pioneer in the field of Corporate Law, Mr. Shroff has participated in the training and drafting of several important economic legislations and company law reforms in India. He was a member of the Insolvency Law Committee, constituted by the Government of India, to review the implementation of the Insolvency and Bankruptcy Code. Mr. Shroff was also a member of the Committee constituted to review decriminalization of offences under the Companies Act and the Committee on cross-border insolvency, both headed by Injeti Srinivas, Secretary, Ministry of Corporate Affairs, Government of India.
As a preeminent expert of his field, Mr. Shroff has been appointed as an independent director on significant boards of Indian companies. He has been re-elected as the Chairman of the CII National Committee on Legal Services and Arbitration. Mr. Shroff has also been appointed as the Senior Vice President on the Society of Indian Law Firms (SILF).
Mr. Shroff has been recognised as one of ‘The Game Changers of India, 2018’ by The Economic Times for championing high impact legal services. He is also a recipient of the National Law Day Award from the President of India.
RK Bansal
MD, and CEO- Distressed Assets Resolution Business, Edelweiss Asset Reconstruction Company
RK Bansal
MD, and CEO- Distressed Assets Resolution Business, Edelweiss Asset Reconstruction Company
R.K Bansal is the Managing Director and CEO of Edelweiss ARC. He brings with himself vast experience of over three decades of covering both development and commercial banking.
His portfolio includes diversified experience in all functional areas of banking such as Corporate Banking, Project Appraisal, Corporate Debt Restructuring[CDR], Retail Banking, International Banking, Finance & Accounts [CFO], Resources, Recovery, Investments, Treasury, Operations, etc. Prior to joining Edelweiss ARC, Mr. Bansal was an Executive Director with IDBI Bank for eight years, wherein he was also deputed by IDBI as a CEO to Stockholding of India Ltd. (SHCIL), IDBI Mutual Fund (now renamed as Principal Mutual Fund) and IDBI Federal Life Insurance. Mr. Bansal has played a pivotal role in the Indian Banking industry in resolving stressed asset issues and, in his expansive career. He has held various roles including being the Chairman of CDR Empowered Group and Chairman of Asset Reconstruction Company (India) Ltd. [Arcil] His other board membership included IDBI Federal Life Insurance Co. Ltd., ISIL, J.K. Lakshmi Cement Ltd., Uttam Value Steels Ltd., SIDBI, IDBI Asset Management Ltd., NSDL and NSDL e-Governance Infrastructure Ltd.
Ravi Chachra
Executive Chairman, Eight Capital Management
Ravi Chachra
Executive Chairman, Eight Capital Management
Ravi Chachra is the founding partner and Chief Investment Officer of Eight Capital. Eight Capital has a twelve-year track record of investing in distressed and special situation opportunities in India. The manager’s Fund has been ranked amongst the best distressed emerging market funds by Bloomberg, HFR and Barclays. Eight Capital has a Joint Venture with J.C. Flowers and Company to co-own and operate the J.C. Flowers Asset Reconstruction Company.
Ravi has a consistent track record of making profitable investments in distressed and special situation opportunities for 20 years. Prior to launching Eight Capital in 2005, he developed his skills as an investment analyst and portfolio manager in New York and London at JP Morgan, Deutsche Bank, J. Goldman and TCG Group. Ravi has an MBA from the Wharton School of the University of Pennsylvania.
Kalpesh Kikani
MD and Senior Partner, AION Capital
Kalpesh Kikani
MD and Senior Partner, AION Capital
Mr. Kalpesh Kikani is Managing Director and Senior Partner at AION Capital, a partnership between Apollo Global and ICICI Group.
Kalpesh has been investing in India for over 20 years. Previously, he was a part of ICICI Bank’s senior management team, whereas the Global Head of Structured Finance & Special Situations, he was responsible for running India-focused investment teams based in Mumbai, Singapore and London. Prior to this, Kalpesh established and headed the corporate and investment banking business for ICICI Bank UK PLC focusing on leveraged and structured finance transactions, both outbound and inbound for Indian companies, with teams based in the United Kingdom, Germany and Belgium.
Over the course of his career, Kalpesh has deep experience in investing in Indian credit markets across wholesale, commercial, retail and project finance.
Mr. Kalpesh Kikani is Managing Director and Senior Partner at AION Capital, a partnership between Apollo Global and ICICI Group.
Kalpesh has been investing in India for over 20 years. Previously, he was a part of ICICI Bank’s senior management team, whereas the Global Head of Structured Finance & Special Situations, he was responsible for running India-focused investment teams based in Mumbai, Singapore and London. Prior to this, Kalpesh established and headed the corporate and investment banking business for ICICI Bank UK PLC focusing on leveraged and structured finance transactions, both outbound and inbound for Indian companies, with teams based in the United Kingdom, Germany and Belgium.
Over the course of his career, Kalpesh has deep experience in investing in Indian credit markets across wholesale, commercial, retail and project finance.
Abizer Diwanji
Partner & National Leader - Financial Services and Restructuring & Turnaround Services, Ernst & Young LLP
Abizer Diwanji
Partner & National Leader - Financial Services and Restructuring & Turnaround Services, Ernst & Young LLP
Our Sponsors & Partners
Brescon & Allied Partners LLP
MISSION
\r\nHelp businesses tap their inherent potential to overcome adversities by the application of intellect, creativity, rigour and empathy.
OVERVIEW
\r\nBrescon, founded by Nirmal Gangwal, is India’s first and largest independent special situation advisor, with an established track record of over 20 years. Our reputation as an advisor of choice stems from our acumen in offering innovative solutions together with our strong relationship with the leading banks, international investors, private equity funds, special situations funds, and regulatory authorities.
We provide strategic and tactical orientation with solutions across entire business life cycle viz special situation advisory, turnaround advisory, strategic advisory (M&A and recapitalization) and distress advisory.
\r\n\r\nWe are independent and not encumbered by any potential conflicts of interest.
\r\n\r\nBrescon, with the help of its large pool of experienced professionals with diverse skill sets, has executed transactions over USD 15Bn for more than 100 corporate clients with deal size varying from USD 20Mn to USD 2.5Bn, across a broad range of industry sectors. Brescon’s association with the prominent corporates including but not limited to infrastructure, steel, power transmission and distribution, textiles, real estate and education, as advisors, stems from its extensive experience, commendable track record of creating value for its stakeholders and close to 100% success rate in transactions handled.
\r\n\r\nSome of the firsts to its credit include:
\r\nFirst case referred in restructuring space – viz., under Corporate Debt Restructuring Forum formed by RBI
\r\nFirst case advised for exit from the CDR forum
\r\nFirst to structure a debt settlement based on rights on future built-up of the project properties
\r\nFirst to structure “Risk Return Matrix” (multiple options to lenders with differential terms) to meet varying perspective of the lenders on risks & returns of the borrower
\r\nFirst to provide advice in the context of early separation plan for over 500 workers on a self-liquidation basis
OUR OFFERING
\r\nWe offer full service Investment Banking Services, with our core areas being Debt Resolution, Recapitalisation, Divestment Advisory, M & A Advisory, Structured Finance and Corporate Restructuring.
Shardul Amarchand Mangaldas
Shardul Amarchand Mangaldas, founded on a century of legal achievement, is one of India’s leading full service law firms. Our mission is to enable business by providing solutions as trusted advisors through excellence, responsiveness, innovation, and collaboration.
\r\n\r\nWe are one of India’s most well recognised firms, and are known globally for our integrated approach. We are one of India’s most well recognised firms, and are known globally for our integrated approach. Our 520 lawyers including 111 partners provide exceptional services across practice areas which include General
\r\n\r\nCorporate, Merger & Acquisition, Private Equity, Banking & Finance, Insolvency & Bankruptcy, Competition Law, Dispute Resolution, Projects & Project Finance, Capital Markets, Tax, Intellectual Property and Venture Capital.
\r\n\r\nWe are at the forefront of global and Indian M&A and private equity transactions, cutting edge high risk litigation and advice on strategically important matters across a spectrum of practices and industries for our multi-jurisdictional clients.
\r\n\r\nWe have a pan India presence, with offices in seven cities across India – New Delhi, Mumbai, Gurugram, Bengaluru, Chennai, Ahmedabad and Kolkata.
\r\n\r\nOur practice areas:
\r\n\r\n• General Corporate
\r\n• Banking and Finance
\r\n• Insolvency & Bankruptcy
\r\n• Competition Law
\r\n• Dispute Resolution
\r\n• Projects and Project Finance
\r\n• Capital Markets
\r\n• Tax
\r\n• Intellectual Property
\r\n• Venture Capital
AD FACTOR
Market leader: Adfactors PR is India’s largest PR firm by revenue. The Holmes Report, in its global rankings 2018, ranked us amongst the top ten Asian PR firms and among the top 75 in the world.
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\r\n\r\nExpertise and Experience in Financial Services: Adfactors PR has an unmatched bandwidth of senior consultants with expertise in financial services sector and capital markets. A team of over 15 senior consultants who have previously served as Editors, Bankers, Asset Managers, Financial Analysts and as marketing professionals in the BFSI sector. We work with over 75 Banks and Financial Institutions on a retained basis.
\r\n\r\nMost awarded firm in India: Adfactors PR is India’s most awarded PR firm for each of the last three years. In 2016 we won every single ‘Agency of the Year’ award for PR firms in India. The firm was recognized as the Holmes Report Asia-Pac Financial Consultancy of the Year in 2013 and 2015. In 2015, we were also recognized as the Global Financial Communications Consultancy of the Year.
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\r\nVenue :
Taj Lands End, Mumbai
Date: August 08, 2019
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