{"id":339530,"date":"2025-01-22T10:00:44","date_gmt":"2025-01-22T04:30:44","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=339530"},"modified":"2025-01-22T09:35:06","modified_gmt":"2025-01-22T04:05:06","slug":"modification-of-direction-on-rbi-arc-directions-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/01\/22\/modification-of-direction-on-rbi-arc-directions-legal-news\/","title":{"rendered":"RBI streamlines guidelines for ARC &#8211; borrower settlements"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 20-1-2025, the <span style=\"font-weight: bold;\">Reserve Bank of India<\/span> notified issued a circular modifying the provisions for <span style=\"font-weight: bold;\">Settlement of dues payable by the borrower<\/span> in <a href=\"http:\/\/www.scconline.com\/DocumentLink\/xUuZT1bH\" target=\"_blank\"><span style=\"font-weight: bold;\">Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024<\/span><\/a>. The provisions came into force on 20-1-2025.<\/p>\n<h3>Key Points:<\/h3>\n<p style=\"margin-bottom: 2%;\">RBI has mandated for every ARC to frame a Board approved policy for settlement. This policy will have to cover aspects such as cut-off date for one-time settlement eligibility, methodology, permissible sacrifice for categories of exposures and at the same time arriving at the settlement amount.<\/p>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p>RBI has introduced some new provisions:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Borrowers with <span style=\"font-weight: bold;\">outstanding dues of more than Rs. 1 crore<\/span> can only settle their amount after the IAC has done its thorough evaluation.<\/p>\n<ul style=\"list-style-type: circle;\">\n<li>\n<p>IAC will consist of professionals having technical\/ finance\/legal background;<\/p>\n<\/li>\n<li>\n<p>IAC will give its recommendations to ARC after assessing financial position of the borrower, time frame available for recovery of the dues from the borrower, projected earnings &amp; cash flow;<\/p>\n<\/li>\n<li>\n<p>The Board of Directors will include 2 independent directors.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>Settlement of borrowers with <span style=\"font-weight: bold;\">outstanding dues of Rs. 1 crore or below<\/span> will be done as per the criteria prescribed by the authority in Board- approved policy:<\/p>\n<ul style=\"list-style-type: circle;\">\n<li>\n<p>Any official who was a part of the acquisition of the financial asset will not be part of processing\/ approving the proposal for settlement of the same financial asset.<\/p>\n<\/li>\n<li>\n<p>A quarterly report will have to be placed before the Board.<\/p>\n<\/li>\n<li>\n<p>Board will also mandate a suitable reporting format to ensure adequate coverage of various aspects.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>Settlement of dues payable by the borrowers classified as <span style=\"font-weight: bold;\">frauds\/ willful defaulters<\/span> will be done without prejudice.<\/p>\n<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\">Where ARC has commenced recovery proceedings under a judicial forum and the same is pending before judicial forum, any settlement arrived will be subject to obtaining a consent decree from the judicial authority concerned.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Note:<\/span> To read more about the Master Direction on Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024 <a href=\"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/30\/reserve-bank-of-india-issues-master-direction-to-asset-reconstruction-companies\/\" target=\"_blank\">click here.<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">Borrowers with dues of more than Rs. 1 crore can settle their amount only after IACs evaluation.<\/p>\n","protected":false},"author":67515,"featured_media":323058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[49352,55449,77766,77767,2611,2732],"class_list":["post-339530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-arc","tag-asset-reconstruction-companies","tag-iac","tag-independent-advisory-committee","tag-RBI","tag-Reserve_Bank_of_India"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Modification of RBI (ARC) Directions, 2024 | SCC Times<\/title>\n<meta name=\"description\" content=\"Reserve Bank of India notified issued a circular modifying the provisions for Settlement of dues payable by the borrower in 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An indicative list of\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":256845,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/11\/08\/rbi-publishes-report-on-functioning-of-asset-reconstruction-companies-and-review-of-regulatory-guidelines-for-public-consultation\/","url_meta":{"origin":339530,"position":2},"title":"RBI publishes report on functioning of Asset Reconstruction Companies and review of regulatory guidelines, for public consultation","author":"Prachi Bhardwaj","date":"November 8, 2021","format":false,"excerpt":"On April 19, 2021, Reserve Bank of India had announced the constitution of a committee to undertake review of the legal and regulatory framework applicable to Asset Reconstruction Companies (ARCs). The Committee had to examine the issues and recommend suitable measures for enabling the ARCs to meet the growing requirements\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":269500,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/04\/rbi-notified-provisioning-requirement-for-investment-in-security-receipts-in-order-to-provide-glide-path-for-the-regional-rural-banks\/","url_meta":{"origin":339530,"position":3},"title":"RBI notified provisioning requirement for Investment in Security Receipts in order to provide glide path for the Regional Rural Banks","author":"Editor","date":"July 4, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 28-08-2022, Reserve Bank of India (\u2018RBI') notified that for smooth functioning of the Regional Rural Banks (\u2018RRBs') and to ensure smooth implementation of Clause 77 of the Master Direction- Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021 (\u2018MD-TLE') notified on 24-09-2021, the difference between the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":288262,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/31\/high-court-cannot-expand-scope-of-individual-borrowers-under-rbi-circular-2014-power-vests-with-rbi-madras-high-court-legal-research-legal-news-updates\/","url_meta":{"origin":339530,"position":4},"title":"Power to expand scope of &#8216;individual borrowers&#8217; under RBI Circular, 2014 vests with RBI and not with High Court: Madras High Court","author":"Editor","date":"March 31, 2023","format":false,"excerpt":"Madras High Court said that the circular dated 2-08-2019, cannot have any implication in respect of the sole proprietary concern of the petitioner i.e., \u201cM\/s. Murugan Idli Shop\u201d.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Madras High Court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-455.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-455.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-455.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-455.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":284768,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/22\/rbi-issued-circular-implementation-of-indian-accounting-standards-to-resolve-issue-of-asset-reconstruction-companies-recognizing-management-fees-even-though-said-fee-had-not-been-realized-for-more-th\/","url_meta":{"origin":339530,"position":5},"title":"RBI directs Asset Reconstruction Companies to reduce their management fees","author":"Editor","date":"February 22, 2023","format":false,"excerpt":"On 20-2-2023, the Reserve Bank of India (\u2018RBI\u2019) issued a circular on Implementation of Indian Accounting Standards (\u2018Ind AS\u2019) to resolve the issue of Asset Reconstruction Companies (\u2018ARC\u2019) recognizing management fees even though the said fee had not been realized for more than 180 days. 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