Latest news with #AshishMakhija
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Business Standard
12 hours ago
- Business
- Business Standard
Best of BS Opinion: Continuing turbulence in air, economy, and law
The crash of Air India Flight 171 shortly after takeoff from Ahmedabad has reignited concerns about aviation safety in India. The cause remains unknown, but the toll, with multiple lives lost and a residential building destroyed, has prompted calls for a credible and timely investigation. The Aircraft Accident Investigation Bureau, under the civil aviation ministry, is leading the probe with support from British and Boeing investigators. While India's aviation safety record has improved in recent decades, the spotlight now falls on Air India's post-privatisation priorities, argues our first editorial. With the Centre aiming to double domestic traffic and expand airport infrastructure by 2030, public confidence hinges on ensuring safety isn't sidelined. Israel's air strikes on Iran have escalated tensions in West Asia, with fears of a wider conflict threatening energy markets and trade routes. Crude and gas prices have jumped, and the possibility of a proxy war looms with the involvement of Iran-backed groups. The strikes may also derail ongoing nuclear negotiations. Israel accuses Iran of nuclear ambitions, while Tehran insists its programme is peaceful. With both nations entangled in domestic political stakes, external silence has grown louder, notes our second editorial. India has echoed its familiar call for restraint, mindful of its diplomatic ties and economic exposure to both sides. Meanwhile, M S Sahoo and Ashish Makhija argue that the Insolvency and Bankruptcy Code, once a shining example of institutional alignment, has been eroded by judicial overreach, bureaucratic delays, and enforcement disruptions. Supreme Court rulings in key cases have altered the Code's commercial logic. The National Company Law Tribunal, already under-resourced, struggles with complex insolvency matters. Meanwhile, government agencies continue to disrupt resolution processes, undermining investor confidence. Without urgent fixes, they caution, the IBC risks losing its effectiveness entirely. According to Debashis Basu, the Reserve Bank's recent rate cut failed to energise the economy. Despite liquidity infusion, growth remains sluggish. The four economic engines, consumption, exports, private investment, and government capex, are all under strain. Structural issues, including over-taxation and stagnant job creation, outweigh the benefits of monetary easing. Finally, Peter Sagal reviews Submersed:Wonder, Obsession, and Murder in the World of Amateur Submarines by Matthew Gavin Frank, a haunting blend of memoir and true crime. The book explores the world of amateur submarine builders while tracing the tragic murder of journalist Kim Wall. Although the narrative occasionally drifts, its psychological depth makes it a gripping read. Stay tuned!
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Business Standard
21 hours ago
- Business
- Business Standard
IBC in stress: Survival depends on commitment to its core principles
Public laws aim to keep the crime proceeds beyond the reach of criminals while punishing the criminals. Although these proceeds were never the state's property, state benefits from their confiscation M S Sahoo Ashish Makhija Listen to This Article The Indian Parliament in 2016 enacted the Insolvency and Bankruptcy Code (IBC) to address the country's persistent challenges of financial stress and managing bad debts, with the overarching objective of driving economic growth. In its initial years, the IBC benefited from rare institutional alignment. The legislature amended the code six times in the first five years to address implementation challenges and respond to the evolving economic environment. With alacrity, the executive issued the rules and regulations, established the Insolvency and Bankruptcy Board of India (IBBI) and National Company Law Tribunal (NCLT), accredited insolvency professionals, and built the supporting ecosystem. The
