Madrid, Aug 18 (IANS) Tributes to former UN Secretary-General and Nobel Prize Laureate Kofi Annan started to pour following the announcement of his death on Saturday.
UN Secretary-General Antonio Guterres lamented the death of his 80-year-old predecessor, describing him as "a guiding force for good", as well as a good friend and mentor. "He provided people everywhere with a space for dialogue, a place for problem-solving and a path to a better world," Guterres said in a statement. "In these turbulent and trying times, he never stopped working to give life to the values of the UN Charter," he added. "His legacy will remain a true inspiration for all of us." India also expressed condolences to the former Ghanaian diplomat's family and the UN community as a whole. "Sorry to learn of the passing of former Secretary General of the UN Kofi Annan," the official Twitter handle of the Indian President said. UN Human Rights chief Zeid Raad al-Hussein said he was "grief-stricken" over the news of the Ghanaian politician's death. "Kofi was humanity's best example, the epitome, of human decency and grace," he said. UN High Commissioner for Refugees, Filippo Grandi, said in a tweet he was "learning with deep sadness of the passing of Kofi Annan," who he went on to describe as an "international leader, wise mentor, valuable adviser, good friend and role model." Spain's Prime Minister Pedro Sï¿½nchez tweeted: "Today we lose a great humanist. Former UN Secretary General and Nobel Peace Laureate Kofi Annan has left us, but we still have his legacy to continue working for peace, security and to reinforce the defence of human rights." UK Prime Minister Theresa May said Annan was "a great leader and reformer of the UN, he made a huge contribution to making the world he had left a better place than the one he was born into." French President Emmanuel Macron tweeted that France paid tribute to Annan: "We will never forget his calm and resolved gaze, nor the strength of his fight." Annan passed away died in a hospital in the Swiss city of Bern after a short illness, with his wife and three children by his side. He was the first black African to take up the role of the world's top diplomat, serving two terms from 1997 to 2006. He received the Nobel Peace Prize along with the UN in 2001 for revitalizing the UN and making human rights a priority. He also led a UN commission to investigate the Rohingya refugee crisis in Myanmar.
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.