IBA invites applications for full time NARCL CEO : Rashtra News #IBA #invites #applications #full #time #NARCL #CEO The Indian Banks' Association (IBA) has called for fresh applications for full time CEO for the government backed bad loan aggregator National Asset Reconstruction Co Ltd (NARCL) less than a year since it was formed. Current CEO
The move comes after government expressed concerns over large haircuts and delays in resolution under the Insolvency & Bankruptcy Code and directed lenders to build an effective framework for monitoring the progress of legal processes. Since the roll out of IBC in 2016, creditors have recovered 32.6% of their admitted claims against large, stressed firms.
The National Company Law Appellate Tribunal has dismissed Authum Investment & Infrastructure s appeal against the takeover of the twin Srei NBFCs by the National Asset Reconstruction Co Ltd (NARCL), clearing all roadblocks for the smooth takeover of the companies. The order is a boost to NARCL, which has been struggling to complete transactions.
The National Company Law Tribunal had in August approved a resolution plan submitted by National Asset Reconstruction Co. Ltd for Srei Infrastructure Finance Ltd and Srei Equipment Finance Ltd