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Dec 30, 2019

Acquisition by Asset Reconstruction Companies from Sponsors and Lenders

RBI has, by way of circular dated December 6, 2019, stipulated that asset reconstruction companies (‘ARCs’) cannot acquire financial assets from the following, on a bilateral basis, irrespective of the consideration: (i) a bank/financial institution which is the sponsor of the ARC, (ii) a bank/financial institution which is either a lender to the ARC or a subscriber to the fund, if any, raised by the ARC for its operations, or (iii) an entity in the group to which the ARC belongs. However, ARCs are permitted to participate in auctions for financial assets which are conducted in a transparent manner, on arm’s length basis and where the prices are determined by market forces.

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    These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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