The Finance Association of the Xavier Institute of Management, Bhubaneswar (XIMB), X-FIN, organised its annual business conclave ‘FINOMICS’ on the theme ‘Insolvency: The End or a New Beginning?’ here on Sunday.
Vishal G Jain and Associates proprietor and Insolvency Professional Vishal Jain, Investment Banking, Keynote Corporate Services Limited Director Uday Patil, RBL Bank Deputy VP Somjeet Behera and Nomura India Investment Banking ED Debasis Panigrahi attended as guests.
First speaker Jain, talked about the importance of Insolvency and Bankruptcy Code (IBC) and how such a sound legal framework will reduce information asymmetry and maximise value in a time-bound manner.
Patil talked about the historical evolution of insolvency laws in India and what lead to the formulation of the IBC. He shed some light on the SARFAESI Act which provided banks and various financial institutions leeway to auction residential and commercial properties without the interference of the court.
RBL’s Behera started off by terming the IBC as one of the government’s ‘landmark’ policies. He explained the concept of Twin Balance Sheet problem and how IBC is solving it. He concluded with a positive note, “IBC is a revolution which would improve India’s position in Ease of Doing Business.”
Panigrahi, the final speaker, discussed the impact of IBC and said, “The time taken to resolve stressed loans has decreased from 4.3 years to 1-1.5 years after IBC implementation.”
A panel session was followed by an interactive question and answer section, where students posed inquisitive and insightful questions. ‘Finshastra’, the annual magazine of X-FIN, was also launched on the occasion.
The guests felicitated the winners of ‘Financius’, an annual intra-college article writing competition and ‘Budgewiser’, an inter-college budget analysis competition organised by X-FIN.