On July 16, 2020, the Reserve Bank of India (“RBI”) issued a notification with respect to the fair practices code (“Code”) to be adopted by asset reconstruction companies (“ARCs”).
Pursuant to the aforesaid notification, the RBI has advised ARCs to put in place the Code duly approved by their board. Some of the minimum regulatory expectations while formulating the Code are as follows:
Please find a copy of the notification here.
This update has been contributed by Aastha (Partner) and Arhat Chhabra (Associate).
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