India faces a yin and yang situation with regard to its stressed assets problem. With bad loans in the ballpark of $200 billion, the situation appears grim. But the worst may be over, with the ratio of non-performing assets (NPA) declining at the fag end of 2018 and projected to shrink further this year.

Three years after the Insolvency and Bankruptcy Code -- the country’s bankruptcy law -- came into effect, more than 2,000 cases have been admitted into the corporate insolvency and resolution process. More than half of these cases remain unresolved. The vast majority have ended up in liquidation, with resolutions achieved only in around 5% of cases.

Participants in the ecosystem acknowledge that a beginning has been made, but feel that some fine-tuning is required to generate better outcomes. Nevertheless, stressed assets continues to be a lucrative segment -- not just for strategic buyers looking at attractive assets that have been shrouded under the cloud of debt, but also for financial investors.

To assess the progress of the bankruptcy law, structures and strategies being adopted by buyers as well as emerging challenges, Mosaic Digital, the corporate banner behind VCCircle, is organising the third edition of its Stressed Assets Investment Summit on August 8, 2019 at Taj Lands End Hotel in Mumbai.


August 8, 2019 | Mumbai
08:30 am - 09:30 am Registration & Networking
09:30 am – 09:40 am Opening Address
09:40 am – 10:00 am Keynote Address



10:00 am – 10:45 am Panel Discussion: Taking stock

Almost everyone acknowledges that the current norms and systems are not enough. What amendments still need to be made to the bankruptcy law? Is the system infrastructure strong enough to handle the number of cases, and if not, how can the number of key participants including insolvency resolution professionals be boosted?

10:45 am – 11:30 am Panel Discussion: Flying under the radar

All eyes have been focused on the showcase 12 large debtors and the other large corporates neck-deep in debt. But a growing number of mid- and small-sized companies are also coming under the stressed assets radar. Are there enough suitors for these assets or will a sizeable chunk of them end up in the liquidation trench? Will lenders to these companies by default have to take a larger haircut to yield a resolution?

11:30 am – 11:45 am Networking over Tea/Coffee

Venue: Pre-Function Area

11:45 am – 12:30 pm Panel Discussion: Which model is working for PE investors?

A few private equity firms have partnered with strategic buyers to tap into the stressed assets opportunity. Some are viewing the market with the lens of an asset restructuring company. Yet, others are adopting a vanilla approach with a stressed assets fund or eyeing exposure via their existing blind pool funds. Which model is bearing fruit? What are the learnings to date? What other structures can we expect going forward?

12:30 pm – 01:00 pm Face Off: Is IBC the best bet?

From duration to quality of data, a mixed picture has emerged in terms of experiences between resolution of cases within and outside the IBC framework. How will things pan out going forward as stakeholders balance the need for maximum value generation with speedier resolution?

01:00 pm – 01:05 pm Closing Remarks
01:05 pm - 03:00 pm Networking Lunch & Close of Conference

Venue: Pre-Function Area


RK Bansal

MD, and CEO- Distressed Assets Resolution Business, Edelweiss Asset Reconstruction Company

R.K Bansal is the Managing Director and CEO of Edelweiss ARC. He brings with himself vast experience of over three decades of covering both development and commercial banking.

His portfolio includes diversified experience in all functional areas of banking such as Corporate Banking, Project Appraisal, Corporate Debt Restructuring[CDR], Retail Banking, International Banking, Finance & Accounts [CFO], Resources, Recovery, Investments, Treasury, Operations, etc. Prior to joining Edelweiss ARC, Mr. Bansal was an Executive Director with IDBI Bank for eight years, wherein he was also deputed by IDBI as a CEO to Stockholding of India Ltd. (SHCIL), IDBI Mutual Fund (now renamed as Principal Mutual Fund) and IDBI Federal Life Insurance. Mr. Bansal has played a pivotal role in the Indian Banking industry in resolving stressed asset issues and, in his expansive career. He has held various roles including being the Chairman of CDR Empowered Group and Chairman of Asset Reconstruction Company (India) Ltd. [Arcil] His other board membership included IDBI Federal Life Insurance Co. Ltd., ISIL, J.K. Lakshmi Cement Ltd., Uttam Value Steels Ltd., SIDBI, IDBI Asset Management Ltd., NSDL and NSDL e-Governance Infrastructure Ltd.

Ravi Chachra

Executive Chairman, Eight Capital Management

Ravi Chachra is the founding partner and Chief Investment Officer of Eight Capital. Eight Capital has a twelve-year track record of investing in distressed and special situation opportunities in India. The manager’s Fund has been ranked amongst the best distressed emerging market funds by Bloomberg, HFR and Barclays. Eight Capital has a Joint Venture with J.C. Flowers and Company to co-own and operate the J.C. Flowers Asset Reconstruction Company.

Ravi has a consistent track record of making profitable investments in distressed and special situation opportunities for 20 years. Prior to launching Eight Capital in 2005, he developed his skills as an investment analyst and portfolio manager in New York and London at JP Morgan, Deutsche Bank, J. Goldman and TCG Group. Ravi has an MBA from the Wharton School of the University of Pennsylvania.

Kalpesh Kikani

MD and Senior Partner, AION Capital

Mr. Kalpesh Kikani is Managing Director and Senior Partner at AION Capital, a partnership between Apollo Global and ICICI Group. 

Kalpesh has been investing in India for over 20 years. Previously, he was a part of ICICI Bank’s senior management team, whereas the Global Head of Structured Finance & Special Situations, he was responsible for running India-focused investment teams based in Mumbai, Singapore and London. Prior to this, Kalpesh established and headed the corporate and investment banking business for ICICI Bank UK PLC focusing on leveraged and structured finance transactions, both outbound and inbound for Indian companies, with teams based in the United Kingdom, Germany and Belgium. 

Over the course of his career, Kalpesh has deep experience in investing in Indian credit markets across wholesale, commercial, retail and project finance.

Shantanu Nalavadi*

Managing Director, India Resurgence Fund (IndiaRF)

Shantanu carries with him more than two and half decades of experience in banking and financial services. He currently is the Managing Director of India Resurgence Fund (‘IndiaRF’, A Piramal Enterprises Limited and Bain Capital Credit Partnership) a distress fund which focusses on investment in distress assets and underlying debt from the large Indian NPL market, in growth sectors such as industrials, infrastructure, manufacturing etc., taking direct control / oversight through Indian bankruptcy law or outside of the law, and working through a financial and operational turnaround plan.

Prior to joining IndiaRF, he was the co-head of the structured investment group with Piramal Enterprises Ltd (“Piramal SIG”) and before that he was a Partner with New Silk Route Advisors Pvt. Ltd., a Private Equity Fund with over USD 850 million in AUM (“NSR PE”).

At Piramal SIG he was focussed on investing across distressed and special situations in India in myriad of sectors including infrastructure, renewable, road, cement etc. through a diverse set of high yield structured credit products backing a robust and credible business / turn-around plan, which enabled securing returns to all concerned stakeholders.

At NSR PE he was focussed on investing equity growth capital, creating value and monetizing investments across several sectors, including financial services, consumer, infrastructure, media & manufacturing. His portfolio included controlled and turnaround deals involving active operational and turnaround management.

Shantanu’s vast work tenure includes, work experience with global MNCs. as ANZ Grindlays Bank, Star TV and Walt Disney with P/L and business development responsibilities.

Shantanu is a Chartered Accountant by qualification and did his article ship with Arthur Andersen.

His hobbies includes travelling and running including participating in global marathon events

Venkattu Srinivasan

Group Head Asset Reconstruction & Structured Credit and Member of Executive Board, Kotak Mahindra Bank

Nirmal Gangwal

founder and chairman, Brescon Group

Mr Nirmal Gangwal, aged 63 years, is an Indian investment banker specialising in financial turnaround, liabilities management, recapitalization, debt resolution, financial restructuring and divestments with over 35 years of experience. He is the founder and chairman of Brescon Group, India’s first and one of the largest investment bank specialized in special situations and stressed assets advisory for last two decades. Brescon was listed on the Bombay Stock Exchange in 1994. Brescon & Gangwal have become synonymous with “Regenerating Value” and “Creating Opportunity in Adversity” out of special situations and stressed. If increase in market capitalisation of the top 25 cases is considered as benchmark for value creation, Gangwal has created 16x value for its clients leading to market capitalisation of over $13 bn. He has guided more than 200 corporates in their growth phase as well as in stress by way of liabilities management in excess of $15 bn. He has also advised public sector banks to find possible ways and means to improve upon Capital Adequacy Ratio post Basel III requirements. He has also advised one of the premier public sector bank in improving capital adequacy ratio by recapitalisation of the real estate value. At any given point in time, Brescon has live advisory mandates of over $1 bn, thanks to Gangwal’s deep-rooted connections in the industry.

Mr Nirmal Gangwal has served as a member of several prominent industry and trade organizations and was also on the board of many large cap public listed companies.

Mr Gangwal was part of the Working Group formulated for implementation of the latest Insolvency and Bankruptcy Code 2016 by Government of India.

Mr Gangwal was also associated as key go-to preferred advisor in financial turnaround and restructuring of many of the underperforming state owned companies in Gujarat under the leadership of Mr. Narendra Modi (current Prime Minister). He played a very important role in companies like Gujarat State Fertilizer Corporation, Gujarat Alkalies & Chemical, and Gujarat Chemical Port Terminal.

He referred the first case under the CDR (Corporate Debt Restructuring) forum formed by RBI (Central Bank) and the first case advised for exit from the CDR forum. He is the first to structure “Risk Return Matrix” to meet varying perspectives on risk and returns associated with the industry and the borrower. 

Mr Gangwal along with Indira Gandhi Institute of Development Research (IGIDR) (leading advanced research institute established and funded by Reserve Bank of India) also organised workshop and brought together a cross-section of experts in the area of banking including senior bankers, ex-regulators and industry participants, for an informal deliberation on the issues involved and outline a balanced approach that was workable and fair to creditors and debtors, within the tools that are available.

Mr Gangwal has been a very active speaker on various forums relating to stressed asset resolution and investments. Some of the events include Annual Asia Pacific Distressed Investing and Corporate Restructuring Summit in Hong Kong, events organized by ASSOCHAM (The Associated Chambers of Commerce of India), training programme by one of the leading banks in exports and imports financing for staff training on early identification and diagnosis of stressed assets and special forum organized by a leading public sector bank for educating them on resolution of stressed assets.

Mr Gangwal is a qualified Chartered Accountant, Company Secretary and a lawyer by education.



  • *Offered Price +18% GST
  • Total no. of Seats
  • Table Branding

    Individual Ticket

  • INR 12,000
  • 1
  • -

    Gold Package

  • INR 23,000
  • 2
  • -

    Diamond Package

  • INR 33,000
  • 3
  • -

    Platinum Package

  • INR 42,000
  • 4
  • Yes

    VIP Package

  • INR 50,000
  • 5
  • Yes

For any query, please reach us at register@vccircle.com, +91-9560888566 / +91-120-4171111

Cancellation Policy:

There is no cash refund in case you cancel the registration from your end. We will issue a credit note for an equivalent amount which you can adjust/utilise against any of our future events (under the validity period) if the registration is cancelled at least 3 days before the event, post which NO credit note will be issued. Company reserves the right to amend content, expert, policy, venue & date(s) of the conference. Delegates will be refunded the registration fee in full in case the conference gets cancelled from our end.

Substitution Policy:

Substitutions within a company are permitted through the conference date. Shared registrations are not permitted under any circumstances


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