Proposed New Insolvency and Bankruptcy CodeWith a view to streamlining India’s
bankruptcy and insolvency law andensuring ease of business and recovery
in India, the government tabled theInsolvency and Bankruptcy Code 2015
(the “Code”) before parliament and it
is expected to be taken up in the next
parliamentary session (i.e. February to
May 2016 session).
Bankruptcy in India currently isgoverned by various separate laws,none of which address all the issuesof bankruptcy and recovery of dues,
which makes recovery by creditors
difficult, to say the least.
The Code proposes to fast-track theprocess by setting a 180-day time limit

for completion of the insolvency
process and recovery of dues. This
timeline may be extended by a further
90 days subject to the approval of
75% of the creditors. It is pertinent tonote that both domestic and foreign
creditors form part of the definitionof creditors.
The Code seeks to re-prioritise the
distribution of assets and creditors ina shift from the current limited regime
and is considered a boost to recovery
of debts in the insolvency process.
Individuals and partnership firms arealso proposed to be covered by the
new bankruptcy law. The law also
paves the way for a more professional

Vending Machines with Sense
Using sensors, a vending
machine in a railway stationin Japan automatically determines your age and genderwhen you stand in front ofit, checks with otherattributes like time ofpurchase, temperature, etc.
(which are also displayed insome, as generic information), and recommends beverages for you.
Speaking of helpful functions, recently in Japan, the number ofvending machines with functions to provide beverages for free as
disaster relief in the event of a big disaster is also increasing. In fact,
during the Great East Japan Earthquake of 2011, over 100 thousand
drinks were provided to the disaster-stricken areas. Initiatives arebeing set forth in various locations to quickly inform people about
warnings and evacuation instructions by adding digital displays thatshow disaster information.
Some vending machines link with the virtual store manager app. on
your smartphone and send you messages and special videos every
time you pass by them. The “mill-ground coffee” vending machineshows live footage of the status of the coffee process, and the drip
status within the machine.
If you walk around a town in Japan, you are bound to run into oneof these fun machines packed with this sense of enjoyment alongwith its products.

standard by requiring certain
qualification and registration of
bankruptcy resolution professionals.
The bankruptcy law, once passed, is
expected to boost investor and creditor
confidence in India in light of thecoherent and time-bound insolvency
process that will clearly also pave theway for easier recovery of dues. It is
hopeful that this will also encourage
further investments and funding
between India and Japan.

Contributed by
Hufriz Wadia
Partner, Kochhar & Co.
Advocates & Legal Consultants

Wearable technology
for pets

A cat wears an Anicall gadget next to asmartphone displaying the connected app,at an Expo in Tokyo.

A Japanese Company has developed
an app and a device which whenworn around your pet's neck like acollar, can measure its heart rate andbody temperature. The app can also
analyse smartphone pictures of yourpet, using measurements of its mouthand ears, for example, to reveal just
how happy or sad it might be. The
devices will be made available later
this year.

EDITORIAL BOARD: N Kumar, President, IJCCI; N Krishnaswami, Chairman, IJCCI; Krishna Prasad, Managing Director, Mot Juste Communication
Services Pvt. Ltd.; P S Suman, Partner, A K Mylsamy & Associates LLP; Hufriz Wadia, Partner, Kochhar & Co.; Arjun Balakrishnan, Founder, Dharmic Solutions;
Suguna Ramamoorthy, Secretary-General, IJCCI. For Private Circulation Only.
Editor: Suguna Ramamoorthy; Publisher: IJCCI; Designing & Printing: Mot Juste Communication Services Private Limited, 98410 15081.
Indo-Japan Chamber of Commerce & Industry (IJCCI): No. 21, Kavignar Bharathidasan Road, Teynampet, Chennai 600 018, Tamil Nadu, India.
Phone: 044-24352010 / 044-24354779. Email: indo-japan@ijcci.com. Web: ijcci.com

President’s Message
Dear Friends,
I am happy to meet
you through thecolumns in our New
Year first issue.
December 2015 has
been a momentous
month – Mr. Shinzo
Abe visited India forthe third time as Prime
Minister and had a Summit Meeting with our Prime
Minister Mr. Narendra Modi. More than thesubstantive nature of the talks, the warmth between
the two leaders reveals the equation between them– as in the words of Prime Minister Abe, “The two
Seas are getting closer”.
December also witnessed a change of guard at the
Embassies, both in Japan and India. His Excellency
Mr. Kenji Hiramatsu assumed office as Ambassador
to India and His Excellency Mr. Sujan R. Chinoy
assumed office as Ambassador to Japan, aroundthe time of the Prime Ministerial Summit. The two
new Ambassadors, I am sure will give a push anda new dimension to our bilateral relations.
IJCCI received a 15-member business delegationfrom Hiroshima Prefecture on 29th January 2016and hosted an interaction session over lunch. This
multi-sectoral team consisted of Senior Officials of
the Industrial Promotion Bureau from Hiroshima
Prefectural Government, Head of JETRO Hiroshima
and businessmen from Japan. They interacted withsome of their counterparts from IJCCI. IJCCI hopes
the meeting will lead to closer cooperation with
the Hiroshima Prefecture in the future.
The year 2016 has begun well. IJCCI looks forward
to more educational, cultural and businessinteraction programmes throughout the year andof course, your support.
With warm regards,
N. Kumar

Visit of Hiroshima Delegation to
Chennai – Interaction with IJCCIOur Ambassadors
The Japan-India relations are
growing stronger and closer
in recent times. We are
happy to present to our
Indian and Japanese readers
the Ambassador of Japan toIndia, New Delhi, H.E. Mr.
Kenji Hiramatsu and theAmbassador of India toJapan, Tokyo, H.E. Mr.. Sujan
R. Chinoy. They haveassumed office recently.
IJCCI congratulates the
dignitaries and wishes thema very successful tenure.

held several key positions in the
Ministry of Foreign Affairs, Japan.
He was also Deputy Vice-Ministerfor Foreign Policy and currently heis the Ambassador of Japan toIndia.

His Excellency Mr. Sujan Chinoy
assumed office as Ambassador
of India to Japan on
December 3, 2015.

H i s E x c e l l e n c y M r. K e n j iHiramatsu assumed office as
Ambassador of Japan to India
on December 9, 2015..
Ambassador Hiramatsu is a Law
Graduate. He joined foreign service
in 1979. He served in the Policy
Coordination Division and in theSoutheast Asia Division before hejoined the Cabinet Secretariat as
C o u n c i l l o r. H e b e c a m e t h e
Executive Assistant to the Ministerfor Foreign Affairs before moving
over to USA as Councillor in the
Embassy of Japan. He served as
Minister, Embassy of Japan in the
United Kingdom and ConsulGeneral of Japan in London. He

2

Indian Missions in Hong Kong and
Beijing in the 1980s, and as theConsul General of India in
Shanghai between 2000-2005. He
was the Consul General of India in
Sydney between 2006-2008.
E a r l i e r, h i s o t h e r o v e r s e a s
assignments included the post ofCounsellor handling Disarmament& International Security Affairs at
the Permanent Mission of India to
the United Nations in New Yorkand as Counsellor in charge ofpolitical affairs in the Embassy ofIndia in Saudi Arabia.

List of Holidays in Japan - 2016
Date
Jan 1

Day
Fri

Holiday NameNew Year's Day

Jan 2

Sat

Bank Holiday

Jan 3

Sun

Bank Holiday

Prior to the current assignment, heserved as the Ambassador of India
to Mexico from 2012-2015, andconcurrently as the HighCommissioner of India to Belize.
He hails from the state of Gujarat
in India, holds a BA (Hons.) degree
in English Literature and MBA
degree in Marketing. He joined
the Indian Foreign Service in 1981
and speaks fluent Chinese(Mandarin). He is also conversant
in French, Spanish, German,
Japanese, Arabic and FrenchCreole, apart from Hindi, Gujarati
and Urdu. During his long career
spanning over three decades, hespecialised on East Asia and theAsia Pacific region, particularly on
national security issues.

Jan 11Mon

Coming of Age Day

Feb 11

Thurs

National Foundation Day

Mar 3

Thurs

Dolls' Festival/Girls' Festival

He lived in China for ten years,
serving in various capacities in the

Mar 21 Mon

Spring Equinox

Apr 29 Fri

Showa DayMay 3

Constitution Memorial Day

Tues

May 4

Wed

Greenery Day

May 5

Thurs

Children's Day

Jun 20Mon

June Solstice Season

Jul 7

Thurs

Star Festival ObservanceJul 18Mon

Sea Day

Aug 11 Thurs

Mountain Day

Sep 19 Mon

Respect for the Aged Day

Sep 22 Thurs

September equinox

Sep 22 Thurs

Autumn Equinox

Oct 10Mon

Sports Day

Nov 3

Thurs

Culture Day

Nov 15 Tues

7-5-3 Day

Nov 23 Wed

Labour Thanksgiving Day

Dec 21 Wed

December Solstice Season

Dec 23 Fri

Emperor's Birthday

Dec 25 Sun

Christmas

Dec 31 Sat

Bank Holiday

Hiroshima Prefecture is located in
the west of Japan, (between the
Chugoku Mountains and the Seto
Inland Sea) and is blessed with anabundant natural environment. It
is a perfect location to enjoy all
the four seasons. The Prefectureis the home of two World Heritage
Sites – the Atomic Bomb Dome andItsukushima Shrine.
Hiroshima, even before the Second
World War, had high concentrationof advanced manufacturing industries ranging from wood, textiles,
steel, automobiles, machinery, shipbuilding, chemicals and ores. With
the advent of technologicalrevolution, the Prefecture is also an
ideal location for electronic industries and automation technologies.
Unique world-class tech industries
in various fields have establishedtheir base in Hiroshima Prefecture.
Also, a significant number ofenterprises base their businesses
within Hiroshima Prefecture – thewholesale industry, finance industry, insurance industry, service
industry etc.
A number of consumer goods
manufacturers and the food &beverage industry utilise Hiroshima
as a test market and advance testmarketing in Hiroshima Prefecture
provides an accurate indication of
possible success in Japan.

The name ‘ Hiroshima’ reminds us of the atom bomb dropped on the cityduring the Second World War and the devastation caused by it on
generations of people in and around Hiroshima. The city reduced toashes then, is today one of the most beautiful and promising industrial
cities, appreciated by people all over the world.

Hiroshima is an economic nerve
centre for Japan. Hiroshima
Prefecture is well connected withexpressways, sea and air routes,
and is an ideal location fordomestic and international trade.
Hiroshima is also an ideal
Prefecture for higher studies in life
sciences, industrial automation andelectronics and advanced
SOME BASIC FACTS
Area: 905.0 km²
Population: 1.17 million
Labour force: 0.59 million
Incentives type: Subsidies
In case of acquiring properties:
Max 40% of building/machinery& equipment up to 1 billion Yen
In case of leasing property/
building: Max 50% of the rent
up to 20 million Yen
For call centres: Subsidy of
20 million Yen per businessestablishment unit

information technologies as it
encourages and supports worldclass research activities.
For Business Support Services:
Hiroshima Prefectural Govt.
Global Business Support Centre,
Hiroshima Industrial Promotion
Organisation,
3-7-47, Sendamachi, Naka-Ku,
Hiroshima 730-0052, Japan
Tel: 0081-82-248-1400
Fax: 0081-82-242-8628
Web: www.hiwave.or.jp
Japan External Trade Organisation
HIROSHIMA:
4F,3-7-47,Senda-Machi,Naka-Ku, Hiroshima 730-0052,
Tel: 0081-82-535-2511
Fax: 0081-82-535-2516
Web: www.jetro.go.jp/hiroshima
CHENNAI:
Seshachalam Centre,
8th Floor, 636/1, Anna Salai,
Nandanam, Chennai 600 035.
Tel: 044-3927 0100
Fax: 044-3927 0190

“Thanks to our mild climate, beautiful nature, highlevel city functions and excellent living conditions,
it is certain that people will be satisfied that
Hiroshima is a place for sightseeing, for business,for studying and for living. We look forward towelcoming you soon”.
H.E. Mr. Hidehiko Yuzaki – Governor

P Sreejith, Sri Vinayaga Complex III floor, 24/26, Narayana
Sarang Garden Street, Near Clive Battery, Chennai 600 001.
Tel: +91-44-4351-7393 / +91-44-2525-0272 / +91 94440-80272
Email: mmexpress1@gmail.com

Engaged in shipping, clearing & forwarding
and transportation of imports/exports cargo.
Specialist in clearance of cargo under
Carnet/Unaccompanied cargo clearance.

Proposed New Insolvency and Bankruptcy CodeWith a view to streamlining India’s
bankruptcy and insolvency law andensuring ease of business and recovery
in India, the government tabled theInsolvency and Bankruptcy Code 2015
(the “Code”) before parliament and it
is expected to be taken up in the next
parliamentary session (i.e. February to
May 2016 session).
Bankruptcy in India currently isgoverned by various separate laws,none of which address all the issuesof bankruptcy and recovery of dues,
which makes recovery by creditors
difficult, to say the least.
The Code proposes to fast-track theprocess by setting a 180-day time limit

for completion of the insolvency
process and recovery of dues. This
timeline may be extended by a further
90 days subject to the approval of
75% of the creditors. It is pertinent tonote that both domestic and foreign
creditors form part of the definitionof creditors.
The Code seeks to re-prioritise the
distribution of assets and creditors ina shift from the current limited regime
and is considered a boost to recovery
of debts in the insolvency process.
Individuals and partnership firms arealso proposed to be covered by the
new bankruptcy law. The law also
paves the way for a more professional

Vending Machines with Sense
Using sensors, a vending
machine in a railway stationin Japan automatically determines your age and genderwhen you stand in front ofit, checks with otherattributes like time ofpurchase, temperature, etc.
(which are also displayed insome, as generic information), and recommends beverages for you.
Speaking of helpful functions, recently in Japan, the number ofvending machines with functions to provide beverages for free as
disaster relief in the event of a big disaster is also increasing. In fact,
during the Great East Japan Earthquake of 2011, over 100 thousand
drinks were provided to the disaster-stricken areas. Initiatives arebeing set forth in various locations to quickly inform people about
warnings and evacuation instructions by adding digital displays thatshow disaster information.
Some vending machines link with the virtual store manager app. on
your smartphone and send you messages and special videos every
time you pass by them. The “mill-ground coffee” vending machineshows live footage of the status of the coffee process, and the drip
status within the machine.
If you walk around a town in Japan, you are bound to run into oneof these fun machines packed with this sense of enjoyment alongwith its products.

standard by requiring certain
qualification and registration of
bankruptcy resolution professionals.
The bankruptcy law, once passed, is
expected to boost investor and creditor
confidence in India in light of thecoherent and time-bound insolvency
process that will clearly also pave theway for easier recovery of dues. It is
hopeful that this will also encourage
further investments and funding
between India and Japan.

Contributed by
Hufriz Wadia
Partner, Kochhar & Co.
Advocates & Legal Consultants

Wearable technology
for pets

A cat wears an Anicall gadget next to asmartphone displaying the connected app,at an Expo in Tokyo.

A Japanese Company has developed
an app and a device which whenworn around your pet's neck like acollar, can measure its heart rate andbody temperature. The app can also
analyse smartphone pictures of yourpet, using measurements of its mouthand ears, for example, to reveal just
how happy or sad it might be. The
devices will be made available later
this year.

EDITORIAL BOARD: N Kumar, President, IJCCI; N Krishnaswami, Chairman, IJCCI; Krishna Prasad, Managing Director, Mot Juste Communication
Services Pvt. Ltd.; P S Suman, Partner, A K Mylsamy & Associates LLP; Hufriz Wadia, Partner, Kochhar & Co.; Arjun Balakrishnan, Founder, Dharmic Solutions;
Suguna Ramamoorthy, Secretary-General, IJCCI. For Private Circulation Only.
Editor: Suguna Ramamoorthy; Publisher: IJCCI; Designing & Printing: Mot Juste Communication Services Private Limited, 98410 15081.
Indo-Japan Chamber of Commerce & Industry (IJCCI): No. 21, Kavignar Bharathidasan Road, Teynampet, Chennai 600 018, Tamil Nadu, India.
Phone: 044-24352010 / 044-24354779. Email: indo-japan@ijcci.com. Web: ijcci.com

President’s Message
Dear Friends,
I am happy to meet
you through thecolumns in our New
Year first issue.
December 2015 has
been a momentous
month – Mr. Shinzo
Abe visited India forthe third time as Prime
Minister and had a Summit Meeting with our Prime
Minister Mr. Narendra Modi. More than thesubstantive nature of the talks, the warmth between
the two leaders reveals the equation between them– as in the words of Prime Minister Abe, “The two
Seas are getting closer”.
December also witnessed a change of guard at the
Embassies, both in Japan and India. His Excellency
Mr. Kenji Hiramatsu assumed office as Ambassador
to India and His Excellency Mr. Sujan R. Chinoy
assumed office as Ambassador to Japan, aroundthe time of the Prime Ministerial Summit. The two
new Ambassadors, I am sure will give a push anda new dimension to our bilateral relations.
IJCCI received a 15-member business delegationfrom Hiroshima Prefecture on 29th January 2016and hosted an interaction session over lunch. This
multi-sectoral team consisted of Senior Officials of
the Industrial Promotion Bureau from Hiroshima
Prefectural Government, Head of JETRO Hiroshima
and businessmen from Japan. They interacted withsome of their counterparts from IJCCI. IJCCI hopes
the meeting will lead to closer cooperation with
the Hiroshima Prefecture in the future.
The year 2016 has begun well. IJCCI looks forward
to more educational, cultural and businessinteraction programmes throughout the year andof course, your support.
With warm regards,
N. Kumar

Visit of Hiroshima Delegation to
Chennai – Interaction with IJCCI