TNI News Service
Webdesk, TNI Kolkata, 22nd August, 2017: Leverage Turnaround Resolutions Private Limited (LTRPL) is the 23rd Insolvency Professional Entity (IPE) as recognized by the Insolvency Bankruptcy Board of India (IBBI). LTRPL is thus, amongst the first in the entire eastern India and thus can be termed as a pioneering venture. LTRPL has as its Directors CMA Manoj Kulshrestha based out of NCR, CMA Laxman DigambarPawar from Pune and CMA Rohit JamnadasVora from Mumbai all Insolvency Resolution Professionals (IRP/IP) and Soumitra Lahiri who are all veterans with over 35 years’ experience spanning a plethora of Industrial sectors both in India as well as overseas. LTRPL is a pan India organization. LTRPL is supported by Leverage Capital Group which is one of the leading most investment banking concern with presence covering the entire geography of India and also having a significant international network as well. Insolvency profession in India has commenced just about a year back and this is still in nascent stage. However, with Indian banking sector being under pressure to handle the juggernaut that has emerged as NPA, Insolvency profession is bound to grow exponentially especially as the law mainly focus on rehabilitation. As a matter of fact, the law stipulates that a Resolution Plan should be based on the prerequisite of ‘Going concern’. As per regulation of Insolvency Bankruptcy Code for appointment of Insolvency Professional for a corporate resolution process, the rules stipulate: “An insolvency professional shall be eligible to be appointed as a resolution professional for a corporate insolvency resolution process of a corporate debtor if he, and all partners and directors of the insolvency professional entity of which he is a partner or director, are independent of the corporate debtor.” IPE being a corporate set up having the strength of requisite scale pan India presence, financial and infrastructural support can ensure smooth supporting process and healthy professional growth of IPs as well as other professionals working within the IPE’s umbrella. Though not defined in the law from a practical point of view, it is imperative that there will be a requirement of Interim Managers wherever there will be instances of turnaround cases. The Directors of LTRPL were unanimous in their views that the company will essentially focus on turnaround management and thus, play an active role in transforming non-performing assets in performing assets especially since writing off the colossal NPA that burdens the economy will lead to a National Waste. Instead, an endeavor to turn them around will usher a new era of prosperity for the entire nation. The Directors also welcomed like-minded professionals to join them in their mission. The company is targeting 20 Plus resolution assignments in next three (3) Plus month with 7 to 15 IP Directors / Associate IPs. LTRPL is also in discussion with distress funds and envisages putting up a separate fund earmarked for funding distressed assets to help them turn around and also for adding momentum to such assignments.
Photo: Vision Sky