Nottingham, Aug 18 (IANS) Skipper Virat Kohli and his deputy Ajinkya Rahane struck fluent fifties to help India recover from the early jolts in the morning session, as the visitors reached 189/3 at tea on Day 1 of the third Test at Trent Bridge here on Saturday.
At the break, Kohli (51) and Rahane (53) went back undivided after forging a 107-run fourth wicket stand as the visitors ended their first wicketless session in the series so far.
Resuming the second session at 82/3 on a surface, which started to settle down under the sun, Kohli and Rahane played out the initial few overs from the pacers with utmost caution before cutting loose as soon as leg-spinner Adil Rashid was brought into the attack.
Kohli was his usual confident self, mostly chanceless and enjoyed the company of the Mumbaikar, who showed enough signs of being at his best.
Rashid's introduction into the attack lit up the Indian pair's eyes, striking frequent boundaries, that saw the leggie's figures swell up to 29 runs from his five overs.
The Indian duo did well to take the attack back to the opposition, prompting Kohli to get to his 18th Test fifty of 74 balls before Rahane struck Chris Woakes for a boundary to bring up his 13th fifty.
Earlier, after being put to bat in the opening session, India squandered a 60-run steady opening stand to lose three quick wickets of Shikhar Dhawan (35), Lokesh Rahul (23) and Cheteshwar Pujara (14) within a span of 22 runs, thanks to a disciplined spell from Woakes.
Brief Scores: India 1st innings 189/3 (Ajinkya Rahane 53 not out, Virat Kohli 51 not out; Chris Woakes 3/45) vs England.
Mumbai, Aug 18 (IANS) Corporate Affairs Secretary Injeti Srinivas on Saturday said maximisation of asset-value of insolvent companies and being fair to lesser creditors are vital for the success of the Insolvency and Bankruptcy Code (IBC).
"For the IBC to achieve a path-breaking success, the maximization of the asset-value of the insolvent company and attaining a balance with regards to the interests of all creditors is vital," said Srinivas speaking on the IBC at a CII conference here.
On achievements of the Code, he stated that the insolvency cost in many cases under the insolvency resolution process is 1 per cent as against the 9 per cent under the now dissolved Board for Industrial and Financial Reconstruction (BIFR).
Srinivas pointed out that the haircut, or the loan losses, given to the creditors needed to be seen from the perspective of the enterprise value and not from the claimed value, which includes interest, penal interest and compounding interest.
Insolvency and Bankruptcy Board of India (IBBI) Chairman M.S. Sahoo said challenges are related to the haircut offered to the creditors and the fiduciary duty of financial creditors with regards to other stakeholders of the bankrupt company.
"The financial creditors have the right to decide the haircut but at the same time they should delimit the haircut for other creditors. The committee of creditors being a statutory body is at the position of being a trustee," Sahoo stated.
The Code is not only a mechanism of recovery for the creditors but also an opportunity to revive the insolvent company, Sahoo added.
CII President Designate Uday Kotak lauded the pro-active approach of the government and regulators with respect to making appropriate and timely changes to the Code.
Kotak said one of the most noteworthy achievements of the Code is the caution and discipline the system has infused while borrowing money from the market.
CII National Committee on Legal Services Chairman Shardul Shroff highlighted the challenge related to Information Utility that is weak due to the tough regime of privacy in India. It is leaving a gaping hole in the success of the Code, he said.
E-admission on template basis for insolvency cases should be allowed and National Company Law Tribunal (NCLT) should act as a one-stop shop for the submissions under the Code, Shroff added.