IBC will benefit asset reconstruction companies, says FM
DSIJ Intelligence / 31 Jul 2017
The Insolvency and Bankruptcy Code (IBC) and the government’s stress on resolution provide an opportunity for asset reconstruction companies, Finance Minister Arun Jaitley said.
The Insolvency and Bankruptcy Code (IBC) and the government’s stress on resolution provide an opportunity for asset reconstruction companies, Finance Minister Arun Jaitley said.
Timely interventions, transparent price discovery and proper management were required for this to happen, he added. The Internal Advisory Committee (IAC) of the Reserve Bank of India (RBI), in the wake of its meeting on June 13, had recommended 12 accounts totaling about 25% of the gross NPAs of the banking system for immediate reference under IBC.
The finance minister also noted that the stressed assets still have an inherent value. During discussions with private equity firms (PE) and asset reconstruction companies (ARCs), he said these non-performing assets (NPAs) were essentially productive assets which, if turned around, would generate additional jobs as well as contribute to the national output.
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