Seibert misses an extra point late as the Commanders lose their 3rd in a row, 34-26 to the CowboysNew Delhi: Insolvency and Bankruptcy Board of India (IBBI) chairman Ravi Mital on Saturday said a creditor-led resolution framework under the bankruptcy law is in the offing. The move aims to lower the workload of the adjudicating authority by enabling the committee of creditors (CoC) to take on greater responsibility and expedite the rescue of stressed firms, he said. "We would be happy if less work goes before the NCLT (National Company Law Tribunal)," Mital said, conceding that the adjudicating authority is now over-burdened. He also rooted for a formal group insolvency framework . Mital was speaking at an international conclave, organised by IBBI and INSOL India. ET reported on September 18 that a creditor-led insolvency resolution mechanism , largely involving out-of-court arrangements, is in the works to ease NCLT's burden and quicken recoveries for lenders. A voluntary group insolvency mechanism is being finalised, ET reported in October, which could empower the CoC of various bankrupt companies of a group to decide if they need to join hands or pursue resolution processes separately. The CoC typically comprises financial creditors . A formal group insolvency framework was necessitated after the interconnected nature of group companies delayed resolution in a few cases, such as Videocon, Era Infrastructure, Lanco, Educomp, Amtek, Adel, Jaypee and Aircel. 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Rao also called on financial creditors to take “prompt action” to prevent further erosion of the stressed firms’ value, highlighting that the time taken by them to initiate the corporate insolvency resolution process is often several months from the date of default. “A significant amount of value is lost during this period, which ultimately impacts the recovery outcome,” he said. The deputy governor also rooted for a market-driven compensation mechanism for resolution professionals, instead of a regulated one, given that managing a firm under the insolvency proceedings requires specialised skills. However, these professionals should also possess the required skill sets, as their expertise materially impacts the outcome of the resolution process, he added. “If an overall assessment of the IBC is made, it shows a significant level of traction as a recovery and resolution mechanism,” Rao said. Nominations for ET MSME Awards are now open. The last day to apply is December 15, 2024. 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Musk causes uproar for backing Germany's far-right party ahead of key electionsFeel like you’ve seen it all? This cruise will change your mindWhen baseball historian Bill Humber first heard about the golden at-bat idea that Major League Baseball commissioner Rob Manfred floated on a recent podcast, he was a little taken aback. "I kind of laughed, actually," Humber said Wednesday. "I thought it was one of the stupidest ideas I'd ever heard." MLB has seen its share of change of late, but the thought of a team using one at-bat each game to send any hitter it wants to the plate — even if it's not their turn in the batting order — was quite a curveball. "This can’t be real," former Blue Jays pitcher and seven-time Cy Young Award winner Roger Clemens posted on social media. Wild-card playoff tinkering, pitch clocks, shift rules and automatic runners are some of the more significant changes to the game in recent years. All had varying levels of detractors and the golden at-bat discussion is no different. Critics are eyeing it like a meatball thrown across the middle of the plate. "It doesn't really fit within the logic of the game in my mind," said Humber, a Canadian Baseball Hall of Famer. "I look upon it quite askance to be honest with you. I don't see the point of it in a way. "I mean to some extent, the magic of baseball is those unheralded batters who arrive at a situation that one wouldn't have thought that they would ever have been in, and allowing them to bat in place." Humber cited a number of grand baseball moments that might not have happened if a golden at-bat rule were in effect. "One can imagine when Bobby Thomson hit his famous home run against the (Brooklyn) Dodgers in 1951, Willie Mays was on deck," he said of the 'Shot Heard 'Round the World' that gave the New York Giants the National League pennant. "What if they had a golden at-bat and put Mays at bat, maybe he would have struck out or popped up or hit into a double-play or who knows what. There's lots of situations like that." What about the two famous World Series-winning walkoffs? Would the skippers have used a golden at-bat to get their best pure hitter to the plate? Bill Mazeroski went deep to give Pittsburgh the Fall Classic in 1960 and Joe Carter's walkoff blast in 1993 gave the Blue Jays their second straight World Series title. Mazeroski's power numbers were middling while Carter, who led the Blue Jays in homers and RBIs that year, had a mediocre batting average. "I think the magic of the game are those moments that are unpredictable and yet kind of create some of the joy of the game in our memories," Humber said. " I think this kind of runs afoul of that tradition. "I'm not a fan, let me say that. But that's not to say it won't happen." Manfred first mentioned the golden at-bat idea publicly in an interview with John Ourand on Puck's "The Varsity" podcast. The commissioner said the subject came up at a recent owners' meeting. Retired sportswriter Dave Perkins, who covered the Blue Jays for years over his long career at the Toronto Star, said use of a golden at-bat would be "a travesty." "On the surface I say it's absolutely stupid and ridiculous," he said. "But a lot of other things I thought were stupid and ridiculous worked their way into the games and they're even OK with me now." The subject of potential rule changes like the golden at-bat came up when Blue Jays general manager Ross Atkins met with the Toronto chapter of the Baseball Writers' Association of America earlier this week. "It's interesting to me because we went through so much change over the last couple of years," he said. "Getting to that change was a scratch and a claw and a climb. And then once the change happened, everyone — for the most part — thought, 'OK, that went OK and it seems like there's a better product on the field.' "So now the dialogue around change is with a much more open mind whether it be players, staff, the exchanges, the ideas, even if they seem very difficult to wrap your head around. They're not getting stiff-armed as much as they were the first go-round." Scott Crawford, operations director of the Canadian Baseball Hall of Fame and Museum, said he prefers a traditional setup where any player can be a hero at any time. "I like the team aspect of the game where you get your shot," he said. "You can be a No. 8 hitter and you can come up with a big hit and win a World Series and (a superstar like Shohei) Ohtani can strike out." This report by The Canadian Press was first published Dec. 4, 2024. Follow @GregoryStrongCP on X. Gregory Strong, The Canadian Press