Sashakt panel hails RBI circular making ICA mandatory

  1. The Chairman of the Sashakt Committee has said the new RBI direction making the Intercreditor Agreement (ICA) framework mandatory is a move in the right direction for resolution of non-performing assets (NPAs or bad loans).
  2. The Reserve Bank of India(RBI) has issued a revised prudential framework for resolution of stressed assets.The revised circular was issued after Supreme Court had declared the RBI’s February 12 circular on the resolution of stressed loans as unconstitutional.
  3. The revised framework makes it mandatory for banks to enter into an ICA during the review of the borrower account within 30 days from the date of first default to any lender.
  4. The new framework also lays down some parameters to be included in the ICA which includes majority decision-making by lenders holding 75% of the total outstanding by value and 60% by number as well as protection of the rights dissenting lenders.
  5. Project Sashakt was proposed by a panel led by PNB chairman Sunil Mehta.The panel recommended that bad loans of up to ₹ 50 crore will be managed at the bank level with a deadline of 90 days.
  6. For bad loans of ₹ 50-500 crore,banks will enter an intercreditor agreement authorizing the lead bank to implement a resolution plan in 180 days or refer the asset to National Company Law Tribunal(NCLT).
  7. Further,for loans above ₹ 500 crore,the panel recom­mended an independent asset management company (AMC) supported by institutional funding through the alternative investment fund (AIF).

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