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Assets reconstruction companies are RBI Regulated NBFC with purpose of handling NPA of the banks. the Role of AFC is very vital in terms of re-organization of the bank debt. In india RBI is very strict while giving NOD for ARC. the operations of ARC is much different than the other type of NBFC like deposit taking NBFC i.e.
•Asset Reconstruction company means acquisition by any securitization company or reconstruction company of any right or interest of any bank or financial institution in any financial assistance for the purpose of realization of such financial assistance.
•Asset Reconstruction company is a company registered under section 3 of the Securitization & Reconstruction of financial assets & Enforcement of security interest ( SARFAESI ) Act 2002.
•It is regulated by RBI as a Non – banking Financial company
•RBI has exempted ARCs from the compliances under section 45- 1A ( Requirement of registration & net owned fund ) , Section 45 – 1B ( Maintenance of liquid assets ) , Section 45 – 1C ( Creation of reserve fund ) of the Reserve Bank Act, 1934 .
•ARC Functions like an AMC within the guidelines issued by RBI.
The ARC transfers the acquired asset to one or more trusts at the price at which the financial assets were acquired from the originator
•ARC has been set up to provide a focused approach to Non – Performing Loans resolution issue by –
1. Isolating Non – Performing Loans from the financial system.
2. Facilitating development of market for distressed assets.
Now in India, Asset Reconstruction company are in both Public as well as Private Sector
PRIMARY GOAL OF ARC
•An Asset Reconstruction Company’s primary goal is to manage & to make profitable those assets which have been underperforming or become formally classified as Non- Performing Asset belonging to companies who have been unable to generate sufficient timely revenue to service their outstanding obligations.
•An ARC have the responsibility under the SARFESI Act to function as intermediaries between the promoter & the trust.
•An ARC are created to manage & recover NPA acquired from the banking system.
