Good evening and one and all, and amongst us we have Mr. S. S. Naganan, senior advocate. The most interesting facet with Mr. Naganan is that he can take you to the wide spectrum of knowledge on different perspectives of law and in fact beyond that also. His knowledge also traverses to the fact that he's an author of books we did one on the webinar on his book. We will have that deep insight people into that. And the another fascinating fact with Mr. Naganan is that you just call him up late in the night also and say that sir, there's a lot of requests on a particular topic. It doesn't even, I would say that the blink of an eye maybe probably takes more time, but he readily agrees. And since we were receiving a lot of requests after this COVID being gone and we believe that it has gone for the good. And that moratorium period is also over. Litigation has started. Like everybody is feeling that the Securitization Act, the provisions under the NCLT provisions under the company's law, et cetera, et cetera are probably in a limbo or in a suspended state of affairs. But since we are banged back to business and for a professional to understand the nuances for this aspect has always been quite fascinating. And therefore, as we have seen that NCLT's role has grown with the flux of time. Consequently, the role of NCLT in corporate insolvencies and reconstruction is an important aspect, which we would like to understand from a person whose dedication towards paying back to the society can also be gathered. Today that he's not even in the office, but since he has dedicated to agree to share his knowledge, he's back and back with the bank. And we have enamored by the fact that he's agreed to our request. Thank you, sir. Thank you. I hope I'm audible now. Okay, in the course of this presentation, you might hear some temple sounds in the background. That's because I'm currently sitting in our ancestral family temple, which is about 45 minutes drive away from Bangalore. And you might hear some sounds of some pipes and ganda. So please keep that at the back of your mind. And then let's enjoy the session today. I think the topic that is selected today is role of national company law tribunal incorporate insolvency and restructuring. I think before I come to this topic, I need to tell you a little bit about the background of insolvency law, and then take you through the developments in the law. The earliest company law legislation in India was the 1916 Act of the Indian Companies Act, which dealt with a number of issues relating to corporate functioning, structuring, and also about jurisdiction of winding up. Then it was called not insolvency, not restructuring as it's now called, but it was called insolvency proceeding or the winding up proceeding. Now, later on in England, the 1948 English Companies Act was enacted. And modeled on that, the first company law legislation which came in India after independence was the 1956 Companies Act. The 1956 act stood the field for about 50, 60 years till it was replaced by the 2013 Companies Act.  Now, sometime in the late 60s, there was a legislation called the Companies Tribunal. It was a tribunal that was set up under the Companies Act to adjudicate all disputes which arise under the Companies Act in regard to companies. It was in force for a very short period and then they realized that the tribunal was not a very happy state of affairs. So finally, the tribunal was abolished and the jurisdiction which was with the High Court came back to the High Court. In other words, cases which got transferred there came back to the respective High Courts. And as all of you might know, the High Court which has jurisdiction over the registered office of a registered company, that is the court which has the jurisdiction to deal with all matters arising under the Companies Act. And therefore, if the company has registered anywhere in the state of Karnataka, the Bangalore High Court, Karnataka High Court would be the jurisdiction. Similarly, in other places, if it's Mumbai, then it's the Bombay High Court and so on. So these High Courts exercise powers under different jurisdictions where what is connected to our topic today, corporate insolvency and restructuring, they were contained in two sets of provisions. One was section 433 of the 1956 Act. There is a similar parallel provision in the 1930 Act also, which is more or less similar to it, where it vested the power in the company court to wind up a company on the happening of certain events at the instance of certain persons. There was a large plethora of cases that came up. One of the important grounds on which a company could be ordered to be wound up and declared an insolvent was under section 433 E of the 1956 Companies Act, which said that if a company is unable to pay its debts, then it's liable to be wound up. That was a very simple phrase, which gave rise to a large volume of litigation as to what is a debt? Is a debt due? How much is the debt? Has there been a default? If so, what are the reasons for the default? And is it justifiable? And thereafter is a counterclaim valid. Supposing the respondent corporate data says, yes, I owe him money, but he also owes me money. Is that a claim? That would be tenable. And so on. And there was also the concept of a deemed insolvency because section 434 of the 1956 Act contained a provision which said that if a notice is issued to the registered office of a company and the company fails to pay it, pay the debt demanded within a period of three weeks, the company is deemed to be unable to pay its debts. Therefore, a winding up petition would lie. But courts took the view that it is not automatic and there's the element of discretion because section 433 starts with the word, the court may wind up a company. Now why I'm giving you this? The same similar pattern is there in the 2013 Act also with some minor changes. Section numbers are different. That's all the changes. Why I'm referring to this background is that the working of the company's Act after about 40 or 50, 40 years or so from 1956, there were rumblings that the cases of insolvency in the high court are getting enormously delayed. And the high courts are not able to dispose of the matters within a time-bound frame because there is no exclusive jurisdiction of any company judge who sits every day in the week. The volume of work is too large. And in cases where winding up is already ordered, the administration of the insolvent company's affairs was in the hands of the official liquidator. The official liquidator can ought to have taken steps to realize the monies and distributed to rateably to persons who are entitled to the money, secured creditors, unsecured creditors and the body of shareholders if any is left. This was the broad scheme excluding the preferential creditors, but which I know not to elaborate now. So that was the role of the official liquidator and it was found that companies after insolvency, distribution, winding up order, it would take 5 years, 10 years, 15 years for the official liquidator to resolve it and do something about the assets of the company. Therefore, it was felt that a separate tribunal should be constituted. Therefore, the company law board was set up. The company law board was an independent tribunal which was set up under a separate statute and that all cases which are bending in the high court were transferred to the company law board for disposal under this jurisdiction of corporate insolvency. The company law board also functioned for some time. It had to take quarters as usual of all these tribunals in Delhi that initially they didn't have a bench anywhere. Later on they substituted and had a bench in southern India and Chennai and of course in other parts of the country also they had benches. The company law board also got boiled down into this procedural problems. Then the functioning of the company law board was found to be not satisfactory and was not completely independent because they exercised not only corporate insolvency jurisdiction but they exercised many other jurisdictions which the high court was dealing with. One of the main things being operation and mismanagement under section 397, in the 56 act, section 241 in the new act. These are the provisions which the CLB was also dealing with. It was found that the manner in which it was going on was not satisfactory. Therefore, the next avatar of the company law board was the national company law tribunal. So this is something which came much later and so the 1956 act was amended by using the word tribunal and they defined the tribunal as company law board. Whereas the 2013 act also uses the word tribunal and refers to the national company law tribunal. So this is the historical genesis of the jurisdiction being vested here. Now we see a complete change in the methodology of corporate insolvency under the new Companies Act of 1956. Along with that, we must bear in mind that they introduced a separate legislation called the Insolvency and Bankruptcy Code of 2016. Now the provisions relating to corporate insolvency and personal insolvency are governed by this act, the new act of 2016. So I'm going to be dealing with some provisions of this new act and explain to you in brief what is the role of the NCLB. Now the IBC refers to this authority as the adjudicating authority. So if they don't call it a court or a tribunal, it is the adjudicating authority which will adjudge whether the corporate data is insolvent or it's not insolvent. And for that we need to notice a few of the definitions. Now section 2A of the IBC says that it applies to all companies registered in India under any company law act. It might be 56 act, it might be the 1916 act or any other enactment if it's a corporate body, the act governs it. Two important definitions so far as this topic is concerned is of insolvency. We find very interestingly two sections devoted in this act for definitions. Normally we have section 2 in most of the statutes which contains definitions. But here we have two sections, section 3 and section 5. Now one of the definitions which we have is definition of a financial debt. Now what is a financial debt is defined in subsection 8 of 5 and it says that it includes A, B, C, D, E, F. You know we all know as lawyers that an inclusive definition means that it is very expansive. It could be very wide and to make it clear they're including something. But the other definition is particular they say so and so means that means it is confined only to what is stated in the section. But when includes is used it includes wider things than this. Now includes is also used to put into the framework of the law something which one would not normally think is included in the term. That is the meaning and object of such an inclusive definition. So there is a definition I'm not going to deal with the details of that definition because the section is very elaborate and it defines who is what is the commercial financial debt. The second definition is under subsection 21 which refers to an operational debt. Now an operational debt as distinguished I'll just give you broadly what are the distinctions. In the case of a financial debt it is lending via bank financial institution mutual fund any of these type of institutions which are mainly meant for financing corporate bodies. These are financial debts operational debt is in the course of a company's business. It is carrying on any activities. It has many trade creditors. It has bought goods it has yet to pay them. There could be other liabilities. These are all liabilities which arise in the course of operations of the company. These are all not by a financial creditor. So they are all called operational debts. There is a distinction as to what is the procedure in the case of financial debt and operational debt. The distinction between this act and the old companies act is the old companies act did not make a distinction between a financial debt and an operational debt. It was just a debt anybody could be could be a bank it could be a financial operational debt or also whereas here they make a distinction and subsequent provisions make a special provision as to how this should be conducted. For example, Section 7 talks of a petition for insolvency resolution by a financial creditor. So if a financial debt is due, the person to whom the debt is due is a financial creditor and the financial creditor can move the court by a procedure which is indicated in the section itself. Now the minute such a petition is filed within 14 days the NCLT, the adjudicating authority has to decide whether to admit this petition or not. Whereas there was no such time limit under the old act. So there is now an element of expedition that has to be followed by this NCLT. Now what is a default is also defined in section 7 subsection 5 and it only says that if a notice is given and within the time prescribed of 14 days, if there is no dispute that is already existing, supposing 100 rupees is demanded and the creditor says no, no, not 100. I don't 100 rupees. I don't have any money. I filed a case as an arbitration proceeding relating to this claim. Then there is a sufficient defense for the financial debt creditor not to proceed under section 7. So the adjudicating authority can say this is a pre-existing dispute therefore I am not going to go forward and dismiss the petition. Now in the case of an operational creditor section 8 refers to it and there you must if a notice is issued by an operational creditor which is a must before you institute the case. The creditor has a 10 day window within which it must either raise a dispute or there must be a case pending before the issuance of the notice.  Now if there is a default in the 10 days period then section 9 says that the adjudicating authority which is NCLT can go forward and go to the next step. Now under the old companies act there was a long procedure under which a company would have to go through a procedure the court would hear both parties. Find out if a prima facie case is made out. The prima facie case meant is it prima facie established that the debt is due in which event the court would admit the petition and advertise it in the newspapers. After that the hearing will go on if necessary evidence will be taken that is the procedure. Now it is not like that the minute the adjudicating authority comes to the conclusion. But here is a case where insolvency resolution process has to go forward they admit it and they will appoint what is called as an interim resolution professional. There are elaborate rules for this in the petition itself the petitioner is supposed to give the name of the proposed insolvency resolution professional. And there is a regulation of the regulatory authority for this purpose insolvency regulation board, which provides for an examination and enlistment of areas professionals who can go through the process and get enlisted as insolvency resolution professional. Once you are enlisted then you are eligible to be appointed so the petitioner is required to explain and put in the name of one insolvency resolution professional who will automatically be appointed as the interim resolution professional. So the interim resolution professional there are strict rules for that within 14 days he has to advertise he has to correct all the information. And thereafter within 180 days from the date of admission that is the date insolvency resolution professional interim resolution professional is appointed within 180 days six months he the entire case has to be completed. There is a there is a provision for extension and there are some strict conditions for that the committee of creditors has to approve it in which event it can be extended by a maximum of 90 days. So that means you are looking at 270 days maximum period before it is decided whether the company can be restructed it can be corporate insolvency can be taken care of by various means that are there in that or it cannot be done. Now what is it that is supposed to happen in this 180 or 270 days is what is provided in the next provisions but before that you must notice section 13 and 14 which says that the minute an insolvency interim resolution professional is appointed the NCLT will order a moratorium on all actions against this corporate data. See because you one person is before the insolvency court if other people go to court get an order of attachment get an order of bank account attachment stoppage of activities then it becomes difficult to go forward with the resolution of the corporate insolvency. Therefore there is a moratorium there is a whole host of laws somewhat similar provision was there in the sick industrial companies special provisions act of 1985 where it provided that the minute you know this new IBC is a kind of a what should I say hybridization of a sick industrial act companies act IBC all of them put together so the scheme is different anyway there was a moratorium there here also there is a moratorium. Now what is it this interim resolution professional has to do is within 14 days he must give a report and his duties are all enumerated what he should do how we can do how we can take charge the companies affairs etc. But the most important role in the restructuring of any corporate body today in insolvency proceeding is that a committee of creditors is to be found. Now, ultimately this company in insolvency as we all know the whole objective is that when a body or a person is insolvent his estate will be vested and taken over by some independent receiver or independent administrator because it cannot be left to the insolvent company to do itself because it may prefer somebody it may do something wrong. Therefore, it goes into the hands in this case it will go into the hands of an interim resolution professional and later it goes into the hands of a resolution professional who is more or less permanent till the matter goes into liquidation. Now this resolution professional or the interim resolution professional will constitute a committee of creditors which is all the financial creditors of the company will be part of that committee. So if a company has let us say six financial institutions or other financial creditors who have advanced money to the company based on the information provided they will determine the IRP has to determine who are members of this credit supposing the total amount is 100 rupees the total library of this company this may be due to about 10% different sums are due. So the committee of creditors will comprise of everybody to whom this 100 rupees is due and in proportion to your respective debt you are voting right. So one important aspect on which again there has been quite a number of cases litigation before NCLT NC Appellate Authority and the Supreme Court is that there was an exclusion of a related person. Now in this list of committee of creditors if a person comes within the definition of a related person has defined in the act because the act defines who is a related person. Those persons cannot form part of the committee of creditors the reason being that if they are related to the promoters of the company or the company in any manner the body of creditors decision will not be independent because the decision what should happen to this company if a scheme is propounded let us say the management comes and says that you know we would like to pay this in such and such a manner. We would like to stop this activity we'd like to sell some asset all these are parts of the resolution scheme that can be presented to the committee of creditors. When the committee of creditors examines it interest should persons cannot be there and voting on the scheme. Then there may be what shall I say backdoor fixation of the result of the committee of creditors so they are excluded that these related persons. Then there must be a majority voting section 21 says that the committee of creditors will adjudicate will vote on this as on the issue relating to the restructuring by a simple majority of votes and those votes are proportionate to the sum that is due to each of those creditors. Then the role of the resolution professional comes at that stage when he has to then place this matter the resolution plan as approved by the committee of creditors before the adjudicating authority which is the NCLT. Now the NCLT again there are cases on the point as to what NCLT can do what it cannot do. And then general view has been that the wisdom of the committee of creditors is something which the NCLT does not sit in appeal over unless there is some procedural irregularity or there is some other legal issue that is involved. Usually the decision the committee of creditors has to be accepted by the adjudicating authority and what is it that they can do. Now I'll give one example supposing a company that has got some large number of creditors it comes forward and as resolution plan says that all the creditors will be paid 50% of their debt. And this money will be raised by the sale of this entire undertaking to a person who comes and bids. I want to buy this company so I say okay I have assessed it I'm going to give 1000 rupees to buy this company. The company has liabilities of say 2000 rupees I'll say I'll give 50% every creditor. This is a proposal the resolution plan which will be placed before the committee of creditors and if the committee of creditors accepts this resolution plan and votes on it with a 51% majority. Then this is placed before the adjudicating authority which can in turn then say yes we accept this resolution plan. If for some reason the resolution plan is not accepted by the committee of creditors then a report goes to the adjudicating authority to say there was a scheme but it didn't pass muster with the requisite majority. Therefore nothing can be done to revive this company what should be done next is that it should go in for the NCLT will then have to make an order to say that there is no resolution plan that is possible. This company is insolvent it's not able to pay its debts therefore there is no option but to order the liquidation of this company and the resolution professional will become the liquidator of this company. And once he becomes a liquidator the rest of the provisions are more or less akin to what is there in the companies act itself as to the priority how this list of creditors should be drawn up and how assets should be realized and a host of other provisions. And finally at the end of all of that supposing they sell all the assets and the total liabilities are 1000 rupees he releases realizes only 500 rupees which is not sufficient to discharge all the creditors of the company. He pays them relatively and then says well nothing more can be done please dissolve the company and an order of dissolution can be passed. There are the usual powers of fraudulent preference and transfer of assets illegal activities prior to the resolution process all of that can be gone into. But finally if there's no solution at the end the company has to be dissolved and there's an order of dissolution that is made. One other new provision which we have in this NCLT the regulations is section 56 which talks of a fast track corporate insolvency resolution. You saw in the earlier it was 180 days if they opt for a fast track then it could be 90 days the time available is 90 days. Now one other important aspect which comes up in most resolution cases is what happens to the secured creditors. Now as we all know if a company has let's say a liability of 2000 rupees out of that 1000 rupees is due to a bank and the bank holds a mortgage over the property of a company. Let's say its factory is mortgaged to the bank. What are the rights of the secured creditor? Say the secured creditors use our 1000 rupees and if the value of that security is 500 rupees then the secured creditor has a right to say I'm not going to join the liquidation proceeding, winding up proceeding in insolvency resolution proceedings. I want to stand outside winding up. I want to take charge over this asset. Maybe I will take recourse to securitization act. Maybe I will take recourse to debt recovery provisions under the recovery of debts due to banks act. Whatever other remedies I have I would like to enforce them so that my security I would like to encash it in the manner known to law. And if I realize more than 500 rupees I'll pass on the rest to the body of creditors. If I realize less then I'm satisfied with that. For the balance if any I will stand along with the other unsecured creditors in the list proportionately pro rata I should get it. So such provisions are there in section 52 of the act. I must draw attention to one or two important cases that have come up in the interpretation because this is a new legislation it has gone to Supreme Court quite often. It's a 2016 enactment and one of the earliest cases which went to Supreme Court is the innovative case which is reported in 2018 one Supreme Court cases 407 and a later case called Swiss ribbons in 2019 for Supreme Court cases page 17. In both these cases, the question involved was what is the discretion available to the NCLT when it comes to dealing with petitions by financial creditors. The Supreme Court has noticed the language and the scheme of this new act is such that there's not much elbow room available to the corporate data to maneuver and delay things. The minute a financial creditor says that this much money is due and that is burnout because now you have a national credit registry and all that there's long procedure that has to be followed. If you follow all that procedure and come to court, there's very little defense that the corporate credit letter can actually have. There is a ultimately bank's dues are all borne out by records, they've got bank statement, there'll be demand, there'll be confirmation of balance, there'll be documentation, there'll be mortgage, there'll be registration of charge. It'll be in the register of charges, it'll be in the national registry of debts. All of this will show that the sum is due. So the scope for maneuvering is very, very limited. And that is what the innovative and the Swiss Rebels case, the Supreme Court had occasion to deal with it and settled it. So in some and substance, so far as insolvency is concerned in the resolution process. This is the broad scheme of the act. I would say that it is a change for the good. I must say with some disappointment that the manner in which the national company law tribunal has been formed and is functioning leaves much to be deserved. The tribunal is never filled up fully. There are not sufficient benches, there are not sufficient members of the tribunal. The registries are not properly manned and it is beset with innumerable delays and procedural problems. As a result, these time frames are never followed. Now the interesting thing about time frame is all these 180 days and other time frame that is indicated, it starts ticking from the date of admission of the petition. So if a petition is filed today, there's no time limit for the NCLT to decide whether to admit or not to admit. So we see huge enormous delays sometimes running to more than 2-3 years till the NCLT decides that this petition is to be admitted. The minute it is admitted, then this time starts ticking. And I find in many cases, this time frame is actually counterproductive because sometimes in one case, the RP knew that this committee of creditors were not properly constituted. But he was time bound. So he said, I can't do anything. Let's go ahead with the meeting. The meeting went ahead, resolution passed, accepting an offer made by somebody. Then it goes back to NCLT where he says he comes and tells the NCLT, see I went all this way forward because of the time frame. Now I find that the committee is not properly constituted. So please restart the whole process. This is the stage at which it is there. So I'm saying sometimes these time frames have a counterproductive effect. And that's what is happening in many cases. But most of the time this time frame, I must say with my experience, limited experience in NCLT, these time frames are never followed. And that is because of the huge amount of tendency of cases. One other important change that is brought about under the IBC. You know, in the past, as I was mentioning, the official liquidator is the one who has full jurisdiction over companies which were ordered to be wound up under the old act. And he was an officer of the court. He was a senior officer in the company law department and he had a separate office attached to the high court and he was under administrative control of the company judge. Now they have done away with that process. They have now vested it in independent professionals who have to follow a certain regimen to get registered. And once they do that, they become IRP or RP as the case may be. So they are also regulated in terms of professional ethics and other things. So these are independent persons to whom a remuneration is to be payable. There is a fixation of remuneration. Like they are private parties who are doing the public job of administrating insolvent companies because traditionally insolvency legislations provided. So once a person is insolvent, his estate will rest in the state, which is administered through a receiver or whatever as the case may be. Now it is resting in independent professional. There are some plus and minus points there. But I think there is something that can be said to support it, but there are many things that we said to not support it. But I'm not going to deal with that, but this is anyway one of the issues that is some sort of a bugbear. And it is somehow not being very efficiently done, very properly done is what I feel. The next aspect of the topic today is on restructuring. Now if you go back again to Companies Act of 1956, it had a provision in section 391 onwards, which said that a company can enter into an arrangement with its shareholders or creditors. And there was a procedure you would file an application and that application would be approved by the company judge. Meetings would be held. A scheme would be placed before the members. Same scheme would be placed if it is going to affect the secured creditors before them and then secured creditors. Voting would take place. You needed three fourths majority. And once you did that, the matter would go back to the company quote after public notice. And after notice to central government and official liquidator if it is necessary, the company is one of them is ordered to be wound up. Then income tax department and the matter would be company judge would decide the matter. Now the same set of provisions are contained in the new Companies Act because these provisions relating to restructuring is something which is not in the IBC because this is a case where a company is not insolvent. When a company is not insolvent and it wants to restructure itself, either to retire some debt, reduce some capital or enter into compromise with creditors, tell them look here. If you allow this company to its liquidation, you will get only 20 rupees in 100 rupees. So if you allow me to restructure, I am sure you will give you 50 rupees at least. So this type of structures are possible. So the new Companies Act more or less proceeds on the basis of the old section 391. The new sections are 230 to 236 of the Companies Act of 2013. The broad scheme is more or less the same. The procedure is more or less the same. Instead of going to the company code that is high code, you would now go to the NCLD. And there is a large procedural, it is largely procedural, but the important thing to be noted is that this restructuring, restructuring could be two things. You either retain the company as it is and restructure the debt and allow the company to continue, subsist and revive itself. Or you merge this company with somebody else, with some other company. So it is a scheme of amalgamation. So many times a merger takes place to take over a company which is ailing. A healthy company enters into a compromise and amalgamation proceeding with a not so healthy company. By which process is a win-win situation? The healthy company is getting a good asset company if it is so assessed like that. The unhealthy companies which is about to be closed because it has no means of sustenance. Their shareholders and creditors have a ray of hope because their obligations are taken over by the new company. Of course, there are provisions. The scheme of amalgamation will have to contain. What is it that the sacrifices to be made by which batch of creditors? Is it secured creditors? Is it unsecured creditors? How much are they each sacrificing? And what about the shareholders? If the shareholders holding 100 shares, maybe the scheme will provide that he will get only 50 shares in the new company. There is a share valuation that is done. In the valuation exercise, the net share value of each share of the transferor and the transferee companies are seen. There after a proportion is worked out, a charge accountants report is looked into. And this is placed before the members because members secured and unsecured creditors, three separate meetings have to be held. And they will then decide whether it is fit and suitable to accept this. Now the voting takes place. Again, in the case of shareholders, one vote per share. In the case of creditors, one vote per rupee. That's how the voting takes place. So 75% approval is needed. Once that is done, if there is a sectoral regulator, like for example, if you are a company which is in a stockbroking business, there is a sectoral regulator which is SEBI. If you are a real estate company, the sectoral regulator is RERA. Like this for each sector, if you are a banking company, the sectoral regulator is RBI. So there is a sectoral regulator for many of these things. If there is a sectoral regulator, that regulator will also be participating in this because their views will be considered after the members and the shareholders and the creditors approve it. And once that is done, the matter goes before the adjudicating authority, which is the NC&T, which plays a role of a supervisor. Now what is the role of this supervisor? There has been the subject matter of many decisions and one of them, the earlier decisions of Mahpat Lal, where the Supreme Court said that the role of this, then they were concerned with the court. Now it is the NC&T. He is not to act in as appellate authority. Ultimately, the persons who are stakeholders, they are the people who decide what is the fate of their company. So if all procedural regulations are followed, law is not violated, then the court or the regulator here, that is the NC&T has no right to say, no, no, I think the scheme is not fair, so I want to approve it. That is the role, but just to oversee and ensure that law is followed. That seems to be the object of the amalgamation proceedings and the old act, which is similarly applicable under the new act. One other important thing which is again parallely common is there may be a small dissenting number of shareholders. Supposing 90% of the shareholders approve it, 10% vote against it. In this case, the scheme can make a provision to say that this 10% who do not want to participate in this amalgamation of this restructuring, for them we make a separate provision. Those shareholders may be paid so much per share as a result of which the share will get extinguished. I am just saying this could be one such thing. Second is those 10% shareholders will be paid some X amount of rupees per share. Like these many things could be there. So the order of the NC&T can provide as to what should happen to this dissenting members if any dissent should be exercised. And also there is another separate provision in section 236 of the Companies Act of 2013 which provides for some order to be made to purchase the minority shareholders. Supposing there is a small group in the illustration is giving 10% are not agreeable. What should happen to those 10% there is a provision to provide that those shares of those 10% will be purchased by someone else. Or by the company itself by means of an order made under the section itself without the company having to go for reduction of capital which is a different procedure into the old section 100 is a parallel provision in the new act also is there. So these are the provisions relating to restructuring of a company. The restructuring can be as I said by means of reduction of the debt by means of reduction of the capital by means of repayment of some capital. By means of buying out minority shareholders all these are to be debated in terms of the procedure that is provided in the Companies Act under the nose and supervision of the NC&T. My experience is that because of the specialization of the members of the NC&T many times they come precisely to the question and if you satisfy them that the requirements have been fulfilled. It's a matter of procedural approval. It's more or less easily done provided you follow all the procedures and the same thing was happening in the Companies Act also. Many company judges before whom we have appeared for so many years they came to the point straight away and 1234 checklist ahead finished all these things all approvals granted. Okay if there's some dissenting member will hear you what is it that you want to say are you going to be better off or worse off and then take a decision as to what should happen to this company. So I think these are the provisions which we have in matter relating to corporate insolvency and restructuring. I think I've come to the end of my time which was 45 minutes. Thank you for a patient hearing. It's time for a few questions. Anybody wants to ask since you have taken us to the Swiss judgment etc. And there has been a lot of debate as to whether it results a matter for all times to come. For a person who is to understand the backdrop of the NC&T etc. There are a lot of judgments specially by just Ronnington on these aspects and rightly said that the endeavor of the government is quite in a positive direction. But yes if the contribution towards the bar in the bench for its early disposal is also a prerequisite. And while if we take these webinars and seven hours to understand the things, if one understands the procedure, it becomes quite easy. One aspect according to the people would be what would be the aspect because a lot of people since they are youngsters also. How is the interest done in the case of a secured creditor and an unsecured creditor in the NC&T matters? Is it the same or is it the same like the companies matter? No, I think the role of the secured and unsecured creditor and their rights, they are not disturbed. The only distinction is this that in the earlier procedure before the IBC, at the stage of admission of the petition, the creditors had no role to play, the general body of creditors. Same thing here also, at the stage of admission of the petition, the petitioning creditor, whether he is secured or unsecured, depending on whether he is a financial creditor or an operational creditor, the court will look into it and if it finds there is a debt which is not paid, it will admit it. At that stage, the rest of the body of creditors won't come into the picture, same situation as it prevailed then. But once this admission happens, the procedure is completely different now under the new IBC. Under the old provisions, what would happen was the court would then issue a public notice and here anybody who comes, including the creditors. Now, if other creditors came and said, sir, don't wind up this company, the court would then ask them, well, you see, this debt is not paid. The company has no means of payment and therefore it is insolvent. If you don't wind it up, what will happen to the creditor who has come to court? Who will pay him? Are you going to pay him? Many times, the workers come and oppose. The court asks, well, I am a sympathy with you because in the PR Ramakrishnan versus NTC case in 1983 or so, Supreme Court said, workmen never write to be heard in winding up proceedings. Yes, they can be heard, but what will they say? So in the new procedure under the IBC, the role of the court or the NCLT is reduced. What happens now is the ball goes into the court of the committee of creditors. So when the committee of creditors is formed, the committee of creditors will decide whether there is any chance of revival of this company or there is no chance. If there is no chance, then the next step of liquidation proceeds automatically because if no resolution plan is approved, nothing can be done except to wind up the company, liquidate the company. So then the procedure will go on. The only small distinction is in this committee of financial, the committee of creditors, the financial creditors play the major role. The role played, there is no role for the operational creditors. Say in the example I was giving, supposing the company has a debt of 1000 rupees. In 1000 rupees, 800 rupees or 700 rupees is let us say due to financial creditors, banks, institutions, long term lenders, all of them. 300 rupees is due to operational creditors, people who supply you goods, people who give you services whom you have not paid, etc. Now in the new dispensation, the operational creditors of 300 rupees, they have no role in the decision making process of the committee of creditors. Similarly, any interested person who may be interested in the company as a director, former director, relative of a director, relative of majority shareholder, they also have no role. So it's an independent body of financial creditors who call the shots. If they accept a resolution plan, then the resolution professional will go forward and place it before the adjudicating authority. And those who are not in agreement with it certainly have a right of audience there, they can come and say, don't approve it for this reason, that reason. But the role of the adjudicating authority there is very limited, the discretion is not there. Same whereas in the old Companies Act, there's a famous passage in Palmer Company law, where the question was, the section says may wind up a company. What is the meaning of may? It means there's a discretion, company can still say I won't wind up, it doesn't say shall wind up. What is that element of discretion? The discussion of the leading textbook says may wind up means unless there are very good and compelling reasons as to why this company should not be warmed up, the company court is bound to wind it up. If no such good reasons are there, it is also bound to wind it up. So I think we are more or less on the same lines. But the distinction is that in the decision making process here, it is the financial creditors who call the shots. For a youngster, we would like also to understand what is the role of this RP? RP is a very important role. As I explained, initially at the time of admission, an interim resolution professional is appointed. What he does is he or she, they'll correct the data, they'll go to the company, correct all the information and they will look into the records and give a report to the adjudicating authority which is NCLT. In that report, he will specify who are the creditors, the committee of creditors and what are the state of affairs. The IRP also has a right to look into supposing this is a running company, salary has to be paid, bank account has to be operated, all those things the IRP can do. Once the committee of creditors is formed, then the committee of creditors, the shepherding of the committee of creditors is all done by the resolution professional. He is the next level. The resolution professional, it could be the same IRP who becomes the RP, but RP could be independently appointed also. So it's again another registered professional. The RP's role is to take it forward from the committee of creditors, then submit a report to the adjudicating authority that is NCLT and thereafter look after the affairs till a decision is made. If the resolution plan is sanctioned and the adjudicating authority approves it, then the RP's role is over, he gets his money and he goes home. But if it is not approved and the NCLT orders the liquidation of the company, then the RP will continue and the RP will continue to be the equidator of the company unless the adjudicating authority orders otherwise. That is the distinction in the role of these two. The number of powers of the RP and IRP are there, the sections provide exactly what they have to do, but in common parlance I can say they will substitute the board of directors. Whatever the board could do, the IRP and the RP can do, but subject to the overall supervision of the adjudicating authority and the provisions of law, the act itself contains. This is, the name is not coming, what is the discretionary power of the NCLT in relation of approving of an evaluation report in case of a merger? If there is a valuation report that is given in a merger proceeding, in a restructuring or amalgamation proceeding, that valuation report is to be placed before the three bodies of decision makers, the shareholders, the secured creditors and the unsecured creditors. Once that is placed before them, taking note of the valuation in that, if appropriate majority of three fourth is voting in favor of the scheme, then the role of the adjudicating authority or the NCLT is very minimal. They can't say that this report is not correct, incorrect, because that is not their role. The decision makers are the three affected persons and once they have made up their mind, it should be final. And if somebody is dissenting, there is a provision to make an order so far as dissenting persons are concerned. That is something which they can, you know, fashion it in that fashion in the order. This is Kesha, he says, what is the value of prior order by RERA authority ordering revocation of project registration and assignment of project completion to independent authority under the initiation of CIRP? See, the RERA orders are something to do with the running of the business. The fact that the company is facing RERA proceedings and there are some orders passed in RERA is a very important fact which has to be placed before the committee of creditors in the resolution plan. See, whoever, see, if there was a real estate company, it has got 10 projects. In two projects, RERA authority has developed the plan and given some directions. How to revive this company? These two projects must also be taken note of and to see how it can be done. Of course, there is a slight aberration in the law now as it stands. See, very, I would respectfully say a very incorrect order has been passed by the NCLAT in two matters which has been commented upon and, you know, disagreed by Bench of the Madras Tribunal. Where they said that in a real estate company, if the company has three projects, the CIRP can go on with that to one project and not involve the other projects. I don't know how that's possible. Because the CIRP is not project-wise. The CIRP is for the whole company. Now you cannot bifurcate it like that. So the answer to the question is that if some project has been commented upon or ordered by RERA, that is a very important facet which has to be included in the resolution plan. Noticed and included and a resolution of that also should be proposed. What are they proposing to do for that? Is there any distinction between RERP and IRP? IRP as I told you is initially appointed. In the petition itself, the petitioning creditor must give the name of a person to be appointed as IRP. They have to give a certificate saying he's not disqualified, he's agreeable on that. Once it is there, usually the NCLT will appoint that named person as the interim resolution professional. The interim resolution professional takes charge forthwith, steps into the shoes of the board, collects all the material and formulates the committee of creditors. Once that is done, the matter goes back to the adjudicating authority that's NCLT with a request to appoint now a resolution professional. So the interim can get converted to a resolution professional or a new person can be appointed. Because from that stage onwards, the resolution professional takes over. Like we have been talking about, I'm just taking few questions for a common person to understand. It says that, what is actually the role of a RP, resolution professional in a NCLT matters? See, the role of an RP is as I'm saying they step into the shoes of the board of directors of the company. The board of directors is superseded. So whatever is supposing let's say a company, it's got a factory, it's got say 200 employees, it's got a running business. Now the IRP is supposed to substitute the board and take all decisions relating to running. Tomorrow, whether they should produce A or B or C, whether they should collect money from XYZ, whether they should pay electricity bill, who should operate the bank account, all of this is like a receiver in a civil action. Everything is vested in him with powers and what his powers are clearly stipulated in the act itself, what he can do. Section 18 talks of the duties of the IRP. So he literally steps into the shoes of the board of directors. That's what I can say. This is what after the malformation is affected and moratorium is lifted. What will happen to the money recovery suits against the old entity? Can it continue against the new reformed entity? Normally in all amalgamation proceedings, they insist on a provision in the scheme itself, which normally it is included, to say that any proceeding by or against a company which is under amalgamation will be continued by or against the transferring company which takes over all this. Unless such a provision is there, the scheme will not be approved at all. So if there is a proceeding against a company which is amalgamating and the amalgamated company will step into the shoes of the amalgamating company and all obligations will be of them. Of the amalgamated company because most of the time the amalgamating company will be ordered to be dissolved without binding them because everything is taken over. There is no asset left, no obligation left. So we have discussed the entire topic along with the questions and we are thankful to you for sharing your knowledge and that too despite the fact that you've come to the temple because we all are in the temple of justice to understand that the right knowledge flows from the right fountain. Thank you everyone, stay safe, stay blessed. Thank you.


But the dark heart of this shape-shifting world is quantitative easing. The government is insisting on taking billions of pounds out of the economy through its austerity programme. Yet at the very same time, it is pumping billions of pounds into the economy through quantitative easing. The equivalent of 24,000 pounds for every family in Britain. But it gets even more confusing because the Bank of England have admitted that those billions of pounds have not gone where they are supposed to. A vast amount of the money has actually found its way into the hands of the wealthiest 5% in Britain. It has been described as the biggest transfer of wealth to the rich in recent documented history. It could be a huge scandal comparable to the greedy oligarchs in Russia. A ruthless elite siphoning off billions of public money, but nobody seems to know. It sums up the strange mood of our time where nothing really makes any coherent sense. We live with a constant vaudeville of contradictory stories that makes it impossible for any real opposition to emerge. Because they can't counter it with a coherent narrative of their own. And it means that we as individuals become ever more powerless, unable to challenge anything. Because we live in a state of confusion and uncertainty to which the response is, oh dear.


I don't know about you, but I receive probably 400 or 500 emails a day, which means I don't respond to all of them. And I'm probably not the only one. There's probably a lot of event planners out there and site selection professionals that are filtering through what emails to answer. We're going to talk about how to get your email to the top of the list and hopefully garner a faster response. Hey, everyone. So if you're in hotel sales or even in site selection and you've been sending emails to clients or even prospective clients and you haven't seen a lot of return emails, there's a chance there's something in the email that's prohibiting that meeting planner from acting on it in a timely manner. So this week's blog post and video is about that. It's about dealing with unresponsive clients and getting them to get back to us in more of a timely manner. Now keep in mind, you can follow all the tips and tricks that I've outlined in my blog over at LeanneCallerWood.com and you can still not garner a response. There's a lot of times the planners quite literally just don't have attention today to get back to you and a lot of times their unresponsiveness is not deliberate. It is just part and parcel of their extremely busy lives and they just cannot attend to everything on their plate. So they start to prioritize. So we can't do anything about controlling their prioritization of their to-do list and their action plans in the day. But here's what we can control and that is the communication that we're sending to them. And hopefully there's a way that we can tailor it just a little bit so that it starts to filter to the top or at least gives the planner an opportunity to be able to respond very quickly to your request. So A, you're not left hanging and B, then you actually have something to move forward with in the program. So one of my biggest tips when you're creating an email that's going to an event planner is to ensure that that email has a call to action. Call to action defined is simply that it is a question that garners an actionable response. So what is a typical call to action for a hotel sales person inquiring about their program? It could be as simple as what is your decision date on this program? So there's an easy one. That's something that is a call to action. It requires a response and it's something quick and easy that they can respond back to and it gives you a little bit more information to go on. Now there are some emails that have received from various hotel salespeople over the years where there are so many calls to action. I don't even know where to start. I'm almost overwhelmed with the amount of answers that I need to provide. So in that case, if there's an opportunity for you to pare down your call to actions and only have a couple or even just one solid super good call to action in that email, that would probably garner a response a lot quicker than rattling off 10 questions that I now need to think about and get back to you on. So the call to action is a big one. Now another one that you can include is a consequence for silence and in the hotel world, this is actually quite an easy one. If a planner cannot respond in a timely manner, it might be easy for you to say, hey, if I don't hear from you by such and such a date, these prices may no longer be valid. So that is something that you can do is include a consequence to them not getting back to you. And of course, the easiest one or rather the one that's in your control is to take responsibility for action and even outline some of the things that you are going to do to help the planner along for for an RFP for a program to a meeting planner. This could be as easy as saying, if I don't hear from you by Thursday, I will go ahead and do this and this to the space and send you another update. Again, you got to take a look at the program, take a look at the information you're trying to get from the planner to kind of craft what the responsibility you can put on your plate to take off of their plate. But oftentimes, if you're able to do that, then the planner sees that you're providing value and sees that you are actually trying to help them out during this busy time. And even in that simple realization might push them to respond a little bit faster. So give that one a try. Now oftentimes in the email, there's a lot of information that the meeting planner has to filter through to get to the nuggets. So make sure that your email doesn't include a lot of the fluff that that particular meeting planner may not need. Planners will react differently to what you include in an email, but whether it's a prospecting email or an email about a specific program, provide them with the information that that person needs, which means you need to do some research. And that can be as simple as going to their past history, going to their website to learn a little bit more about their program, checking out the LinkedIn profile of that particular planner and the types of events they planned, all kinds of things. And I talk about research and other posts on my website as well. But do some research about the planner and find out if that piece of information is something that they need at this moment. So again, keeping your email very specific, leaving out the fluff and doing your research before including those fluffy pieces. And my final tip for this video is to forget the hard sell when you're doing an email. Definitely email is still a strong prospecting tool, but bullying a planner into making a decision to use your services is really no way to set the tone for your hopefully long-term relationship. So forget the hard sell, provide value instead. So those are my tips for keeping your emails short and sweet and actionable and hopefully will garner more responses. You can learn more about these tips in greater detail, including some additional tips over at my blog at leoncaldorwood.com. Over there, you can download a tips and tricks sheet for how to attract a meeting planner's attention. So make sure that you check that out. Thanks for joining me today. Good luck with your email communications and we'll see you next time. Bye for now.


Okay, well welcome to the Bookmap Platform Details webinar. Risk disclaimer, trading equities in futures involves substantial risk of loss, it's not suitable for all investors, past performance is not indicative of future results. For more information go to bookmap.com and become a member there, lots of free resources when you are in the members portal and then reach out to us at support at bookmap.com. So any new traders out there, anyone new to bookmap, first time users here, anybody? Or are you guys actually in trial, ah okay, B Williams welcome, okay, ah there's a few more, okay, yeah, well welcome guys, so let's just go through what this bookmap platform details webinar is all about. We're just going to go through what bookmap is showing you so that you can take a look here and understand really, you know, it looks like there's a lot going on and we're just going to break this down and simplify it because it's actually very, very simple and a very objective view of the marketplace and we'll get into that in just a minute here and so and ask questions because this is a there's a lot of things going on here, there's all sorts of features and functionality and we've separated that out now for all users or all anyone can come to this platform details webinar and then once you become in the trial there's a free trial 14 days that you get once you become in trial then you have access to the live order flow advanced analysis webinar. So the first one and that's at 11 you know in 25 minutes so this one is for those that already have bookmap and they have more specific questions on what what they're looking at and how to use it and so we'll go over that in detail here in this webinar. So it's a process and let me show you where you can find the find bookmap if you want to give it a try you can find it down here it's underneath the pricing tab so just click on that and this is where you can find it so there's the basic and the advanced versions and you can see the pricing here they are billed quarterly but you get that 14 day trial period okay now the basic and advanced plus dx feed it's the same bookmap it just comes with dx feed now the dx feed is for us equities it's not for futures only us equities okay that's a new new feature that we have so you can take a look at some of the equities and and you can also if you subscribe to bookmap basic or advanced you can also add the dx feed so this is just a package deal okay that's the difference and then once you become a member you get the access to the portal here there's you know features videos education videos and bookmap educational partners here that you can view all of the different webinars okay and then you can follow us here on twitter this will you'll get the most updated information here in in twitter and then our youtube page if you're new here this is what i would recommend watch the the intro video and then the features and components watch a few of these just get a feel for what it is bookmap is is showing you then there's these order flow video snippets they're very short and they'll go through a lot of phenomena that we see in the advanced webinars and we go through that information in detail so it gives you a feel what bookmap is showing you and how to use it there's also the bookmap education course here and and then some of the recorded webinars you'll find here okay so last week we actually allowed users a couple days sneak peak thursday and friday into the advanced webinars as well so you can take a look there okay so let's get into bookmap and what it's showing you all right and uh i'm going to start here with taking off information and what are we looking at okay even the indicator panel down here we don't want to look at that i'm just going to look at and looking at the uh 6e here uh so this is the euro dollar uh and um let's take a quick look here so uh this is a it's a five-minute candlestick chart i believe let me see here candles no one minute let's go to five there we go and let's zoom out okay all right so we're looking at here is just a five-minute candlestick chart and um and we have a volume uh sub panel here as well so uh you can you can see um the volume on some of these uh some of these candles here where the volume took place now the the problem here with the candlestick chart is it's just open high low close of a five minute period right now you can interpret some of the candles in various ways on the patterns and and uh etc and and start to read you know order flow basically uh but um uh you're really getting very very limited insight here and that's a problem you're making financial decisions based on basically five percent of of the uh data uh that you you you're receiving from the marketplace uh we don't know uh for example the volume where where did the trader trades take place uh how much uh where did the volume take place on that candlestick uh and what type of volume uh that's really insightful information uh and we just don't know and we also don't know uh the uh the the auction and uh i'll cover that in just a minute but let's turn on a few of the bits of data here and i'm just going to turn on the best bid and offer okay so now you're looking at uh the candlestick chart and we have the best bid and offer okay so um uh let's let's take a look at uh since we're still trending down on the on the 6e let's look at maybe this area up here okay when what what do we see in this uh uh five minute five minute period here in this area so let's just click on the hand tool hover over this area and zoom in with my center mouse wheel all right okay so you can see the um the historical best bid and offer uh is actually giving us a already quite a bit of information uh compared to the candlestick and what you start to see is the emergence of microstructures okay you can see that we went kind of sideways here uh in this period when we see the drop uh that that occurred and then we see the kind of sideways activity uh end of that five minute period we there is an immediate move up to to the test the high up here and you can see a little bit of sideways action and then it drops again that candlestick is not telling you any of that information uh you don't know you don't understand uh where it's accepting or rejecting um uh and uh now you can see these microstructures okay now we're going to place the volume on this and get a much more interesting picture here okay now we're starting to understand and putting uh uh definition uh on the trading that took place within this five minute period and then this this is some pretty good activity here uh look at the look at the aggressive buying up here uh and again i can zoom in very easily uh using the hand tool or move tool and then just uh left click hold and scroll back and forth uh or zoom in quickly by my center mouse wheel okay so we can see that this five minute period ended and then boom uh a lot of buying jumped in okay and you can see uh that that buying here the size of the dot is is telling me uh this is a lot of volume okay you can see it matches with the sub chart down below uh and then uh we can also we know that a green dot is uh aggressive market buy order and a red dot is an aggressive market sell okay so let's zoom in a little closer here uh and i'll continue to zoom in and actually there's a little bit of latency here so um this actually between best bid and offer and the volume traded uh there's some latency here uh but um uh it's because you can't have trades take place outside of the best bid and offer um so let's find something that's a little simpler okay well let's look at some of this sell volume here so here's your historical best bid and offer okay and then this red dot is an aggressive market sell order i can you know you can see the size of it by using the rollover tool uh and just hover over it and and you get the uh data here that says the date the time what was on the best bid and offer and the volume okay so uh and and so we know this is volume one this is a volume of three and also my um volume column over here also says it's four altogether for this range okay so as i zoom out though um you can see that um uh there's so many trades that take place so quickly uh in the algorithmic uh environment uh that um uh it's impossible to uh uh you know plot all of that data so what we'll do is just visually aggregate that into this pie display so you can see this cluster of volume up here there's buying and selling inside of it and um uh but the the majority by far here is buying okay so there's a volume of 29 up here uh in this volume cluster and uh and we we know that uh you know probably uh like 25 or you know bit more than 20 uh is uh aggressive buying right so let's uh let's continue to zoom in here and you can see how book map will break apart uh all of that trading activity and show you exactly what traded here okay and uh and here you go so we have all of the data uh it's plot it's plotted onto um um every single event is plotted onto the chart but as you zoom out you still get the overall understanding of that volume all right okay so that's what the uh the volume dots are showing you and uh and now we're starting to interpret a little bit of this as well right this is going to be some trap volume up here uh there's a lot of buying they're trying to get above here into uh uh the high of this uh this candlestick uh looking for you know extension and uh they're not getting it uh it failed now these guys are trapped uh and what are they going to do i mean uh you can see the uh immediate move down here we get a small bounce but we don't we do not come back to that area they are trapped they are going to cover probably down here okay below the uh swing here of that previous candlestick and lo and behold look at the uh the the the trading that took place down here okay we see the uh a lot of selling so these guys as soon as they started as soon as they hit that market buy button they are now sellers and it looks to me like they're covering here all right so now we're now we're getting an understanding of microstructure uh in the volume and uh and this is uh really really good information you can start to anticipate that kind of behavior of these traders just by understanding the volume and where it took place okay and that candlestick you're not getting that um so um uh anyway uh that is the uh uh traded volume now as we let's go to the current market and um usually don't cover the euro uh just i was on it and uh just thought i'd jump right in uh so uh anyway um we usually look at the s and p in oil uh but it's good to mix it up a little bit especially uh i want to show something in the currencies for any of you guys who are currency traders so um uh you know a lot of there's a lot of traders out there who look at the futures uh data uh in uh in book map uh and then they'll trade in the spot for x though okay that's where they'll transact uh but they want the insight with all of this uh detailed uh information of the volume and the auction so that's what we're going to get into next okay so this is great to understand the volume and the transaction um on the chart historically okay and starting to interpret some of these areas now what we want to do though is we want to interpret current uh price and what might unfold uh and uh and this is done usually in the dome and most traders are pretty pretty um familiar with the uh the dome okay so uh here's our dome and book map uh and uh it's the current order book column okay i also have another current order book column here uh and uh it's it's a graphical representation of the liquidity okay so at at each price level here uh what i'm looking at is the amount of contracts uh that are available uh to be uh bought up here these are sellers lining up on the historical i'm sorry in the current book okay uh and uh we can see them and this is the uh the the bid and the depth of the bid and uh you can see your inside uh level one data right here this is your best bid and offer okay and that's reflected here in this window as well best bid and offer and then this number is the last traded volume all right so that is the dome now you can also right click in these uh in any of these columns and format them into different ways um or you can uh insert a new column down here or hide a new column and you can see all the different data types that we have volume columns trade counter columns quotes counter columns quotes delta notes and time and sales column okay so now this information is good uh in the viewing the current market by reading the dome we're starting to understand now not just the the volume we we've moved on from volume now we want to understand the auction okay and uh looking at it here uh we're starting to understand where traders are lining up okay there's a lot of sellers up here uh this is the highest uh amount of liquidity in the book right now okay uh and it looks like they're just about to be tested so we're coming right up to them and we'll see if they want to trade or not we want to read the intent of these traders look at how they've pulled and uh now they're up here at um uh 1820 okay now it's 116 up here okay now 109 back in here anyway what I'm trying to get at here is I don't even remember what that number was here it where it was exactly um what the price level was and that's a problem with the dome uh you're gonna have to remember where they were and if they might show up again and uh you know that's uh that's a problem with the dome it gives the current state of the market but we don't we you know you're gonna have to remember all of these numbers you're gonna have to remember how much changed how much pulled how much added uh and what about areas around it and what about on the bid okay where they skewing the auction in a different direction uh to maybe get price to come up into those areas okay that's a lot to decipher uh from a dome and it can be very tedious so that's a problem and what book map has done to solve that issue uh is give it a graphical representation in a heat map so this is still the current market window here and uh you can see that this this grayscale heat map will change and when you see that change and it gets brighter that's liquidity being added when it gets darker that's liquidity being pulled okay so we can see up here at uh 18 20 these guys just pulled a lot of liquidity okay they were it was pretty high and then they pulled so they have less intent to trade now is is the way i'm reading that now because of that uh this graphical representation in the heat map now i'm starting to understand it historically as well because we take that data and we plot it onto the chart so what you're looking at here in the grayscale is the the auction uh you're starting to read uh the historical um uh auction that's taking place here where did they bid before how much uh and uh you can use a rollover tool to uh tool tip uh to uh to to read that if you like uh and start to understand these areas of liquidity and if they mean business if they want to trade or not these guys at um at 18 and 18 17 and a half um they're they're they're pulling right you know they're uh some some traded right here as we can see uh but they they really don't have the intent to trade they're pulling and adding to higher levels and that's actually pretty bullish you know they're not they don't really want to be sellers here they want to be sellers up here all right and uh then we start to look for uh this uh different uh different insights uh and evidence uh and this is factual uh uh information that tells us that wow there are more buyers than sellers down here and they're pulling on the uh on the offer to higher areas uh and i'm starting to read now and the intent of these traders and starting to put the pieces together okay and uh starting to understand the complete picture of the order flow we have the the volume that's telling us quite a bit and now we have the auction that's giving us a lot of insight as well and uh that is uh pretty pretty golden information right it's uh can be really really helpful uh to understand uh areas of uh where traders are lining up to buy and sell okay so i think we're going to test this high okay at 1820 right look at look at the skew in the book that's starting to emerge here uh and uh and we'll see though like you know something might change and shift very quickly in the dome uh and uh and it will be reflected in the heat map but as we know right now in the way that we were reading this uh we're reading the aggressive um you know volume and we see the the green dots pulling price up and we're seeing it being supported here um in the auction as well they're starting to pull liquidity and they're starting to add it to higher levels uh on the uh on the offer and then they're adding liquidity at higher levels on the bid as well so you start to look for uh areas where it might go and uh you know i would look i would start to anticipate this 1820 to be tested right and there you go so now if you're bullish there's all sorts of strategies you can start to employ here you can look for pullbacks uh into areas and uh and then look for that extension to occur okay all right some questions here um so let me get to those uh let's see here you can't get support to book map uh Elena okay um yeah i mean reach out to support at bookmap.com i mean they're they're there they're there uh and um uh and i can i can help you as well okay so uh yeah please please reach out um and uh we'll we'll uh we'll get you up and running okay all right yeah no problem um so um okay yeah i'll i'll i'll help you out no no problem uh who are you connecting through infinity okay so it's transact data yeah okay all right uh no problem we'll uh we'll get you up and running okay all right so let's see here um ah looking for the spoofing uh Francisco well you know one of the things here i mean the the the markets in in the currencies um they trade differently um than uh you know a lot of the other markets there's a lot more hedging in these they're thinner markets even this is the euro-dollar and you know this is the thickest one uh but you can see there's just tens of contracts it gets into the hundreds um but um you know it's not not very thick uh and um and you can see all sorts of information here just just by looking at the way they're providing liquidity look at these little striations here like every other tick uh these are larger players okay we we just tested our 1820 you can see the best uh offer went into the 1820 right so you know was that magical was that crystal ball reading absolutely not it was just factual data that we're reading and we start to anticipate uh uh price action based on uh what we're reading here okay so um uh let's see if uh maybe uh here's here now is trading at 1820 okay now we're looking for stops are going to be triggered up in this area here too okay so um we want to see if we reject or accept up in these areas here all right okay so um uh anyway um it's always nice to uh to you know start to read the the order flow and we do this in the advanced webinars you know the entire time basically uh start to put these pieces together in in our our process uh and then start to uh look for uh you know areas to be to be traded or tested okay uh and just going through this very objective process here uh and um uh and start to look for those those areas to be uh uh to transact okay here here comes that here comes the stop run okay and uh now we need to see those like they really uh you know uh this is looking pretty good all right uh and but uh is it going to be sustained uh we'll get into this later um but uh uh anyway it leads up to that and you guys can start to piece this together uh in bookmap all right so um uh any other questions before we uh stop the webinar and uh and then jump and bounce to the uh advanced uh webinar at 11 besides Elena uh just reach out at you um Elena uh support at bookmap.com by email you tried it okay they're there i mean they should be you know i i spoke with the team just uh minutes before okay well we'll help you out okay so uh why don't you jump to the um uh next webinar Elena and then i can help you when i finish that okay all right uh and i can remote into your machine uh as well all right okay well uh that wraps it up uh and uh we'll do it again tomorrow and uh answer any of your questions here so you know that's what the the platform details is uh is all about is to uh to go through this and for you guys to understand what it is you're looking at uh and then uh uh that's the the the basis of it and we start to get into reading some of the order flow as well but not much uh we want to go through uh the functionality of the platform so that uh when you're ready and when you have bookmap uh then uh we can start to get into uh how to use it within the live markets okay all right guys yeah thanks for coming and we'll catch up tomorrow


Yes, I'm going to be committed to basically checking my emails and Returning my reaching out and saying you know people and I'll be making sure that we're gonna get this flow going I will be responding to your emails Yes, Rob Jamie and Charles This is Jamie from HowlRound We are committed to sharing out all of the photos the contact information All of the forthcoming reports that come as a result of this gathering As well as being a support to amplify the work that comes out of the working groups So please consider writing about this work for HowlRound consider live-streaming events that happen We have a fantastic crew in jewels and storm and chase and consider thinking about how to Connect the national community Consistently with this work HowlRound is here to be a resource to you and we want to support that moving forward My name is Charles. I Am I work for the nice cultural council delighted to be in this room. I am a hearing person Identify as queer. I use the pronouns he, him, his I'd like to thank my dear friend EJ and Jody Steiner and Chris Robinson and other people for helping me get into this room And I'd like to thank all of you for letting me be here I have been scribbling scribbling scribbling notes agendas. That's what I do But mostly I just want to speak from the heart and again to thank you For people in the New England region. I am ready to be one of those resources. So thank you Hi, I'm Rob Robert I am committed To do some search with new ideas and To come up with new ideas from all my contacts And I'm gonna be giving feedback in a way that basically will support so that this can we can you know Grow your ideas My commitment is to continue to work as a part of our working group and To touch base on a weekly basis to keep things growing Hi, I'm Jill My commitment is that I want to help make the National Deaf Theatre Association become a reality Hi, I'm Sarah and my goal is to use any kind of skills I can to help us Form a good foundation for course models for the National Deaf Theatre organization Hi, I'm Kala and My commitment is to recruit more young deaf people to get involved in theater people from more diverse groups Deaf blind people of color LGBTQ all kinds of people so that we have greater representation in theater We need to reach out to people and let them know what they're capable of and that they shouldn't be afraid To get involved. So let's lift people up and get them to be a part of this Hello, I'm Mervin. I Promise to break through my fears and work with y'all and be a part of this group and Reach out to gay lesbian transgender people to expand representation and that's it for now. It's all I got to say Hi, I'm Deborah Hi, I'm Deborah It's been wonderful to be here this week or this weekend I'm One of the very few if not the only administrator here So my commitment is to reach out to other arts administrators, not just theater But other administrators that I know to join this conversation and support this Fantastic effort that's been happening and also for myself to reach out to Administrators in the deaf community who maybe are not involved in the arts and I can Learn from them more about the community to help me do my job better. So that's my commitment. Thanks. I am Richard and My commitment to you is to take all the information that I've learned and the resources I've learned from all of you and Use that to strengthen my own knowledge and in turn provide resources and knowledge that I have to anyone who possibly needs it In addition, I'm my other commitment is to continue to work on this Deaf actor database that myself and my group have been working on and get that done for you within the next three months I'm Natasha And my commitment is to continue to stay in touch with my group as Things happen. I'm very excited to be a part of the writers retreat and I want to see it really happen in 2020 That's our vision That's my commitment Hi, I'm Nikki My confirmation is commitment is to Resource and to touch out to all the states To see all of you that is my commitment to be in touch with all of you. I'm Michelle my commitment is To focus on my group's goal of the writers retreat to keep this ball rolling and To continue to work within the deaf community Hi, my name is Kaylin and my commitment to my group Is to have a play play right by 2020 and I am committed to also teaching and giving a workshop across the country To start planting the seed for the future for future writers to create future Material from these young talented people coming up. That is my commitment So I'm really looking forward to that and I'm excited about that. I'm Amy. Oops What where do I look okay? I'm Amy Boy, this has been amazing. What an energized group My commitment is to keep this energy going like a family you will never be able to get rid of me I'm sorry. I'm here to stay Hi, my name is Sabina My commitment is to help improve deaf theater and To help it find great talent and writers and writing scripts Hi, I'm Erin and I'm the old white guy of the group I've been here the whole time and you've been putting up with me my promise is to think about the next seven generations as the world changes and becomes more diverse and I want to Copy that ritual of your hand my hand together Hi, I'm Joey My commitment is that every day I'm gonna recognize myself as a white straight male intellectually Sighted and privilege and to keep mindful of the other artists that are here and help to bring up my colleagues So that they can grow and develop as well First I love you people. This has been a special special weekend. Oh This is Fred Beam speaking and I promise even though I'm a man of color a Man of many colors our hearts are all the same color And it is my heartfelt pledge to this group to continue to endorse and support diversity Equity and inclusion in the world of deaf theater. We need more of that Hi I'm Albert you can call me EJ and My commitment is to continue Never to give up But to continue to fight from here on out and From the past to share the information of what I've learned and historically to spread it for the younger generation to learn from us That is my commitment and my goal Which I am committed to and thank all of you Hi, my name is Monique and I commit to continue to do the work I've been doing and to make good use of my MFA degree Hi, I'm Joanna And my commitment is to finish, you know Being afraid and saying that I can't do this and can't do that I am now courageous realized that I can do and I am committed to collaborating with people within my circles and outside my circles and to network and Any time I've been traveling I will try to reach out to all of you and never give up But to stay reconnected at all times and stay connected with everyone. I want to continue to do productive work. Thank you Hi, I'm Wayne Betts and First I want to say it's been an honor to be here as an outsider I am not a member of the theater group. I've been a guest here and throughout the weekend It's been an honor to be part of this collaborative work I represent a private business and I see an opportunity for partnership with deaf theater. It's my commitment to use the team of talented marketing people and Film producers that we have to create a platform a National platform to enhance visibility and that's my commitment to share the talent my talent from Convo With you as a community to help amplify your message Hi, I'm Patty patty Ling as long as I've been working with Deaf spotlight. I am committed to you know looking forward to finding different ways and staying in touch with you through Facebook hiring you and Marketing and whatever way I can give you support Hi, I'm Brian. It's been an inspirational weekend the love in this room is Incredible and I hope that this love and inspiration can be brought back And I plan to share it with my students and pay it forward because they're the future and we need to pave the way for them So I'm planning to bring back all that I absorbed here and to share it with them So they can continue to do the same. Oh I'm on camera. Oh there. I am okay camera over here.  I've been waiting for I've been waiting for the light to turn on We're no longer do we have to wait in the dark the lights there and now we can we are there just grab that light Oh, I forgot to introduce myself. I'm sorry. My name is Ryan Ryan Schlett it's my commitment to finish a Project that I've had on hold that I've been just waiting to get done. I'm gonna get it done. That's my promise Hi, I'm J. W my commitment is to Provide all the resources that I have and to share my resource and to share it among everybody else To continue this big expansion of our future and for our younger generation for their future as well and to keep it going forward Andrew Hi, everyone I'm Andrew and I commit to see each and every person here again This will not be the last time I see you and also my commitment is to get my degree and Break through the barriers and hire more deaf artists and deaf-blind artists and get people jobs Jasper hi, I'm Jasper Co-founder of PTT protactile theater. I am going to make sure that I'm going to continue To basically you know network with the deaf-blind community And I would like to take something to thank all of you for sharing your resources your experiences your talent I mean the list just goes on and on and I've really been inspired from being here And so we're gonna take this information back It's got a lot to think about and we're gonna continue to do this work And I want to thank all of you it's been an amazing weekend And I'm looking forward to working with each and every one of you in the future. So let's keep this going, okay? I'm Yash and my commitment I Promise to continue to provide support To support you to receive support from you to share my resources and talent that we have at PTT and To collaborate and reach out and thank you also for all that I received From this weekend. It's been amazing Wow. Hello. Hi. I'm Robin Rachel I'm committed to two things protract training. I got that on my schedule protractile and also to support the group in theater writing in the theater working group of the playwright retreat I Interpreter missed what it was This is Alexandria, and it's my personal commitment to do two things One is to finish the play that I have on a shelf I need to get that thing done and number two is to be the best Collaborator I can be with my working group to be that liaison That's my commitment I'm Ethan. I'm committed to two roles first. I'm a deaf artist and I also work at the guy that program in the art theater program and I will always Be mindful of our shared Resources now and to carry that forth and to spread that. Thank you Hi, everyone DJ here. I promised to support any and all requests that come my way through deaf West that Springs from the work we've done together here our capacity to support the arts and To do all that I can do for all of you I Also promise to support three plays by deaf playwrights by 2025 that's my commitment and I promise as well To help see a summer training program Be established by 2025. Those are my goals and commitments I'm going to speak for Annie who had to leave yesterday, but she emailed the group She'd like me to share her commitment Annie says that she is committed to work with each individual in this room To make deaf theater happen on a national level and Not only a national level, but a recognized national level Thank you everyone Remember to take your things from the altar and Just again, I'd like to remind all of us that we put our hearts out on the line in this work together and Don't forget to use the reflection booth if you haven't yet. Please do that and thank you for everything you brought and contributed and shared Keep in touch. Please communicate with us after today. This is just the beginning. I Know goodbyes are hard. This has been quite a time and an experience, but this isn't goodbye This is just until next time and it's time for us to close. That's a wrap. Thanks. Enjoy the rest of your weekend