Introduction

India Inc, which was already facing a huge challenge due to an economic slowdown, is now staring at an even deeper abyss as gross domestic product is likely to shrink in the current fiscal year because of the lockdown’s impact.

While the government has put in place circuit breakers to calm the financial system with a moratorium on loan payments and a clamp on fresh insolvency filings for a year, lenders believe it will at best delay the inevitable storm. Lenders are likely to take a big hit as companies struggle to remain above water due to the demand shock from lockdown.

Some analysts estimate the overall impact could see banks and non-banking financial companies (NBFCs) adding as much as Rs 10 trillion, or $130 billion, in additional gross non-performing assets (NPAs). This would erode the improvement that was noticed last year with a decline in the NPA ratio.

Almost four years after the Insolvency and Bankruptcy Code – the country’s bankruptcy law – came into effect, close to 4,000 cases have been admitted into insolvency courts. More than half of these cases remain unresolved. A quarter of the total have ended up in liquidation, and resolution has been achieved in only 6% cases.

While regulatory challenges remain and the suspension in fresh filings will impact deal activity, the stressed assets segment continues to be lucrative – not just for strategic buyers looking at attractive assets that have been shrouded under the cloud of debt, but also for financial investors. In particular, stressed assets funds are warming up to the new regulatory regime and see lot of opportunities to turnaround good quality assets.

To assess the progress of the bankruptcy law, structures and strategies being adopted by buyers as well as emerging challenges, VCCircle is organising the fourth edition of its Stressed Assets Investment Summit on August 6, 2020 on a virtual platform.


Agenda

9:00 AM onwards
  • 9:00 AM – 9:20 AM

    Registration

  • 9:20 AM – 9:30 AM

    Opening Address

    By Jaideep Mehta, CEO, Mosaic Digital

  • 9:30 AM – 9:50 AM

    Keynote Address: The new 'normal' after the 2020 storm

    By C.S. Setty, MD, SBI 

  • 9:50 AM – 10:20 AM

    Panel Discussion 1: Assessing lockdown's impact on new and existing stressed assets

    New IBC cases have been put on pause and resolution of existing cases has also suffered as would-be buyers are trying to fix their own demand problem or renegotiating pricing. How can lenders and other participants in the stressed assets ecosystem navigate through the challenges?

    Speakers:
    Vaibhav Chadha, MD, head Asia Distressed debt & Special Situations, Cantor Fitzgerald
    Nirmal Gangwal, Founder, Brescon Advisors
    Utsav Baijal, Sr Partner & MD, Apollo Management
    Misha, Partner, Shardul Amarchand Mangaldas

    Moderator: Beena Parmar, Special Correspondent, VCCircle

  • 10:20 AM – 10:30 AM

    QnA Session

  • 10:30 AM – 10:40 AM

    Special Address: Proposals for MSMEs for resolution and revival

    By Shardul S. Shroff, Executive Chairman; National Practice Head - Insolvency & Bankruptcy, Shardul Amarchand Mangaldas & Co

  • 10:40 AM – 11:00 AM

    Fireside Chat: Who bends the knee first on pricing?

    Beena Parmar, Special Correspondent, VCCircle in conversation with Sunil Mehta, Non-Executive Chairman, Yes bank; Former Chairman, PNB; Chairman & MD, SPM Capital Advisers Pvt. Ltd

  • 11:00 AM – 11:30 AM

    Panel Discussion 2: New pockets of stress and the middle-market dilemma

    Big borrowers tend to get the eyeballs of buyers and priority in resolution from lenders desperate to clean their books. But a lot of dirt is in the middle market. How do stressed assets funds and strategic buyers look at this piece? Are there new pockets of stressed assets in the traditionally lucrative retail end of the lending business with job losses? Are there buyers for loan books in consumer finance? How are those aiming at SMEs dealing with the expected deluge in bankruptcies?

    Speakers:
    Hari Hara Mishra, Director, UV ARC
    Manish Lalwani, CEO and MD, Omkara ARC
    Sanjay Tibrewala, CEO, phoenix ARC

    Moderator: Aman Malik, Senior Editor, VCCircle

  • 11:30 AM – 11:40 AM

    QnA Session

  • 11:40 AM – 12:10 PM

    Panel Discussion 3: Will extra liquidity and a proposed bad-loan bank alleviate the pain?

    The government has tried to provide a gush of liquidity in the banking as well as NBFC world with its stimulus plan but is that enough to mitigate the heightened risk profile of companies of all sizes? Credit Street is once again debating the concept of a bad-loan bank and its viability as also what form—an AMC or an AIF—it should take. What will entice the debt-averse investors?

    Speakers:
    Venkattu Srinivasan, Director, Phoenix ARC
    Samuel Joseph Jebaraj, Deputy MD, IDBI Bank
    Suraj Kalyanraman, Account Manager - South Asia, Intralinks Inc.

    Moderator: Bruhadeeswaran R, Assistant Editor, VCCircle

  • 12:10 PM – 12:20 PM

    QnA Session

  • 12:20 PM – Onwards

    End of Conference


Speakers 2020

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Shardul S. Shroff

Executive Chairman; National Practice Head - Insolvency & Bankruptcy, Shardul Amarchand Mangaldas & Co
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Sanjay Tibrewala

CEO, Phoenix ARC Private Limited
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Vaibhav Chadha

MD, Head of Asia Distressed Debt & Special Situations Group, Cantor Fitzgerald
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Nirmal Gangwal

Founder, Brescon & Allied Partners LLP
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Utsav Baijal

Senior Partner & MD, Apollo Management
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Hari Hara Mishra

Director, UV ARC Limited
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Manish Lalwani

MD and CEO, Omkara ARC
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Venkattu Srinivasan

Director, Phoenix ARC
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C S Setty

MD, SBI
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Samuel Joseph Jebaraj

Deputy MD, IDBI Bank
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Suraj Kalyanaraman

Account Manager (South Asia), Intralinks Holding Inc.
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Misha

Partner-Dispute Resolution, Shardul Amarchand Mangaldas & Co
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Sunil Mehta

Non-Executive Chairman, Yes bank ; Former Chairman, PNB; Chairman & MD, SPM Capital Advisers Pvt. Ltd

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