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To streamline the functioning of asset reconstruction companies (ARCs), a Reserve Bank panel has come out with a host of suggestions including the creation of an online platform for the sale of stressed assets and allowing ARCs to act as resolution applicants during the IBC process. To improve the performance of ARCs, the RBI had appointed the committee to examine the issues and recommend measures for enabling ARCs to meet the growing requirements of the financial sector. The committee, headed by former RBI Executive Director Sudarshan Sen, suggested that the scope of Section 5 of the SARFAESI Act be expanded to permit ARCs to acquire financial assets from all regulated entities, including AIFs, FPIs, AMCs making investment on behalf of MFs and all NBFCs including HFCs. For accounts above ₹500 crore, two bank-approved external valuers should carry out a valuation to determine liquidation value and fair market value. “Also, the final approval of the reserve price should be given by a high-level committee that has the power to approve the corresponding write-off of the loan,”.
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