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Fortune India

Fortune India

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ONE OF THE biggest reforms the BJP -led government had sought to come up with was an insolvency law which would make winding up companies easier, and hence ensure lenders, who had large amounts of funds locked into these non-performing companies, were able to recover a significant portion of their money. And so, when the Insolvency and Bankruptcy Code (IBC) came into force in 2016, there was justifiable cheer all around, with the corporate sector, financial markets, and even foreign investors lauding the government’s move and resolve to push through what was seen as one of the more thorny pieces of the economic reforms roadmap. Cut to 2018, and the picture looks vastly different. While the IBC has been able to bring several cases to the negotiating and bidding table, the experience over the past several months has been one of confusion, protracted legal wrangles, decisions being challenged in the courts, and a woeful lack of clarity on when the cases would actually be resolved. In our cover story in this issue, we deconstruct the challenges facing the insolvency process and find out what’s going wrong and whether there are solutions in sight to ensure that a law born out of good intentions does not fall prey to shoddy implementation. Opinion is divided even among the players key to the process. While Aditya Mittal of ArcelorMittal agrees that the code does provide a transparent process for disposal of distressed assets and Puneet Dalmia of Dalmia Bharat calls it “the biggest reform story in India’s capitalist history”, others like J. Sagar Associates partner Divyanshu Pandey say promoters are also seeking to maximise gains by finding loopholes in the code. The government, then, will need to act quickly to plug the gaps in the code which some see as a hurried and inadequately-drafted law which may not end up serving its purpose. That needs to happen fast. Elsewhere in this issue, we bring you the Fortune list of the World’s 50 Greatest Leaders.

Fortune is one of the most respected business magazines in the world. It is known for its unrivaled access to world’s most influential leaders and decision-makers. In a world of business long on information and short on time, Fortune stands out with trusted insight, deep reporting and provocative story telling. Few publications cover the world of business with as much depth, breadth, wisdom, and panache. That’s why Fortune is recognized as ‘the best magazine in the world that just happens to be about business’. Fortune 500 is perhaps the best-known brand in business journalism and the ultimate hallmark of corporate success. Launched in India in October 2010 in a licensed partnership between ABP Group of Publications & Time Inc., Fortune India retains the spirit of the global brand with respect to thought leadership and practice from across the world every month while adding an Indian dimension. It is the only truly global business magazine dedicated to the global success of Indian business leaders, offering actionable insights to propel their businesses.

Fortune Indai is published every month. Fortune India publishes 18 issues in a year- Monthly, Quarterly and Bi-annual. Single Issue Digital price for monthly is 150 INR and 200 INR for special issues (Quarterly and Bi-annual)