Indian banks continue to grapple with the mammoth challenge of bad loans worth $150 billion. The National Company Law Tribunal has admitted about 730 bankruptcy cases in the past two years since the Insolvency and Bankruptcy Code was notified. To be sure, IBC has been instrumental in closure of cases involving 382 companies and recovering close to $45 billion. The fact, however, remains that less than 50 of these found buyers and that, too, at a massive discount. At the same time, high-profile cases of bankruptcy have seen intense litigation between owners or majority shareholders of companies and the prospective buyers and investors.

Offers, counter-offers, differences, litigations, missed deadlines have kept the process of NPA resolution on a slow track.

The challenges notwithstanding, non-performing or stressed assets continue to be an attractive opportunity for investors and that is evident from the buzz at the end of Indian as well as global private equity funds and strategic investors. These investors have struck alliances, floated new vehicles and launched funds to participate in the spring cleaning happening at the Indian banks.

News Corp VCCircle organized its debut Stressed Assets Summit on July 25 earlier this year. We now present the second edition of the Summit to assess the progress in the past six months, the lessons learnt and to look at the road ahead.


January 30, 2019 | Mumbai
10:00am - 10:10am Opening address by

Jaideep Mehta, CEO, NewsCorp Mosaic Digital

10:10 am– 11:00 am Panel I: Looking back at two years of IBC

Has the Insolvency and Bankruptcy Code been successful in effectively tackling the menace of NPAs? What have been the big roadblocks and what has been the success rate? Evaluating two years of IBC

Partha Dey, Sr. General Manager, ICICI Bank
Kaustubh Kulkarni, Group Head - M & A & Strategic Financing, JSW Steel
Manish Jain, Managing Director – Head of India, SSG Advisors
Sumit Khanna – Partner & Head, Corporate Finance & Restructuring, Deloitte India
Apurva Jayant, Partner, L&L Law Offices (Moderator)

11:00 am – 11:50 am Panel II: Resolution process with and without NCLT

IBC vs. Companies Act vs. Out of court settlement vs. Pre-packaged bankruptcy scheme – which one is the better route to effective resolution? What are the pros and cons of the NCLT process, how has been investors’ response to debt resolution outside of NCLT and how has been the acceptability of the resolution plan among lenders outside of NCLT? Assessing deal-making and challenges around the legal framework.

Rajiv Agarwal, CEO and Managing Director, Essar Ports 
Sandeep Upadhyay, Managing Director - Infrastructure Practice, Centrum Capital 
Anurag Das, MD & CEO, IARC 
Aditya Khanna, Founder, MD and CEO, ART Special Situations Finance 
Nirav Pujara, Partner - Corporate Finance & Restructuring, Deloitte India 
Krishnava Dutt, Managing Partner, Argus Partners (Moderator)

11:50 am – 12:10 pm Networking Break
12:10 pm – 12:35 pm Fireside chat on The NBFC Shocker

NBFCs were holding the fort at a time when the economy and the sentiment were coming to terms with the massive challenge of NPAs and the resolution process was being carved. Saddled with bad loans, when banks almost stopped lending, NBFCs came forward to fill in their shoes and then, IL&FS collapsed and it crushed the already down sentiment further. What did IL&FS collapse do to the macro economy, the sentiment, lending, and what it meant for the immediate and the larger stakeholders?

Jaspal Bindra, Executive Chairman, The Centrum Group (Interviewee)
Jaideep Mehta, CEO, NewsCorp Mosaic Digital (Interviewer)

12:35 pm – 1:05 pm Fireside chat on Data preservation in an Insolvency & Stressed Asset scenario 

Jayant Saran, Partner – Forensic, Deloitte India (Interviewee)
Apurva Jayant, Partner, L&L Partners (Interviewer)

01:05 pm – 02:00 pm Networking Lunch
02:00 pm – 02:40 pm Panel III: Designer Funding

Sensing attractive opportunities, private equity and strategic investors are coming up with innovative structures, partnerships and platforms to get hold of complex assets. A look at these vehicles and how effective they have been.

Ravindra Rao, Executive Director & CEO, Reliance ARC 
Kalpesh Kikani, Sr. Managing Partner, AION Capital 
Rakshat Kapoor, Partner – Private Debt, Centrum Alternatives
Ankit Doshi, NewsCorp Mosaic Digital (Moderator)

02:40 pm – 03:20 pm Panel IV: Picking good from bad

Steel, thermal power, consumer loans and engineering, procurement and construction – which segments make for a good buy? Do investors have any sector preference? Are opportunities better in some sectors against some others? What has been the success ratio of resolution between core and non-core sectors and what have been the implications on the resolution process for businesses backed by strong asset base?

Eshwar Karra, CEO- Special Situations Fund, Kotak Investment Advisors 
Sunil Varma Marri, Executive Vice President - Investment Banking and Head - Energy and Utilities, Centrum Capital Limited
Ravi Chachra, Managing Director, Eight Capital 
Bikash Jhawar, Partner, L&L Partners (Moderator)


Jaspal Bindra

Executive Chairman, The Centrum Group

Mr. Jaspal Bindra is the Executive Chairman of The Centrum Group – a leading domestic integrated financial services group. He is a seasoned Banker with a successful global MNC career of over 30 years. He was previously the Asia-Pacific Head of Standard Chartered Bank and has also worked with Bank of America & UBS. He has vast expertise in all areas of banking including Treasury, Capital markets, Investment Banking and Consumer Banking.

Under his leadership, the Centrum Group has diversified its operations from a fee based business to a fee cum lending model with the introduction of Housing Finance, SME & Micro Finance businesses.

He is currently the Chairman of FICCI’s Maharashtra Council and a Governing Board Member of XLRI.

Sandeep Upadhyay

Managing Director - Infrastructure Advisory, Centrum Capital Limited

Sandeep Upadhyay joined Centrum Capital Limited in June 2008 and is currently serving as Managing Director of Infrastructure Practise at Centrum Capital Limited. As a senior Coverage Banker he is responsible for covering the Stressed asset resolution apart from leading Investment Banking initiatives across core sectors like Transportation, Logistics, Energy & Utilities space.

He is an alumnus from XLRI, Jamshedpur besides holding a Post Graduate Degree in Project Management specialising in Infrastructure sector alongwith a Bachelor’s degree in Civil Engineering from Gujarat University. He has over sixteen years of extensive experience in raising Private Equity, Project Finance and advising Government & established private sector clients on M&A, Stressed asset resolution and Bidding initiatives.

Prior to Centrum, he worked with SBI Capital Markets and with IL&FS Group in financial advisory and fund raising domain on marquee Infrastructure Projects.

Partha Dey

Sr. General Manager, ICICI Bank

Mr. Partha Dey serves as a Senior General Manager at ICICI Bank and has more than two decades of professional experience. He currently holds multiple responsibilities and one among them entail resolution of stressed assets. As part of the same, he has been closely involved in implementing a diverse array of resolution mechanisms over the last few years entailing both recapitalizations and business restructurings.

Prior to this, Mr. Dey was with ICICI Venture, the private equity arm of ICICI Bank.  Before moving to ICICI Venture, Mr. Dey served as General Manager of the Project Finance business at ICICI Bank and was actively associated with evolution of infrastructure financing in India spanning all its sub-sectors over more than a decade. He led financing of a significant number of landmark infrastructure transactions with successful outcome. He also has experience in consulting with focus on operational turnaround and business strategy. 

He graduated from IIT Kharagpur (B.Tech) and IIM Calcutta (MBA).

Anurag Das


Ravi Chachra

MD, Eight Capital

Eshwar Karra

CEO - Special Situations Fund, Kotak Investment Advisors

Eshwar joined the Kotak Mahindra Group in 2000 and brings with him over two decades of Financial Services experience. He is part of the core leadership team at Kotak Investment Advisors Ltd.

Eshwar has recently taken over as the CEO of the Kotak Special Situations Fund where he oversees investments across all special situation opportunities. The fund strategy is to invest in opportunities across all asset classes and participate in the Insolvency and Bankruptcy Code (IBC) initiated resolutions.

Prior to Kotak Special Situations Fund, Eshwar was the CEO of Phoenix Asset Reconstruction Company (a Kotak sponsored ARC) which had an AUM of USD 1 billion. During his 5 year tenure at Phoenix, he made investments across all major sectors and successfully resolved investments. 

Eshwar was the founding member of the distressed assets business at Kotak and has helped the group in successfully investing over INR 2,500 crores (USD 417 million) of its proprietary capital in distressed assets. He has built time tested expertise in identifying distressed opportunities, structuring and executing complex financial transactions as well as securing profitable exits.

Prior to Kotak, Eshwar has worked at Ceat Financial Services (RPG Group) and Sundaram Finance Ltd.

Eshwar holds a Bachelor's degree in Commerce from the University of Pune and is a Management graduate from the Institute of Management Development and Research, Pune. 



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