The asset reconstruction firm has invited applications from candidates with 25 years of banking experience for the position, according to disclosures made by the company on its website.
Following the abrupt exit of current MD & CEO N Sunder in late January, ARC has appointed P Santhosh as interim director. Santhosh is the former chief managing director of Canara Bankwhich is also a sponsoring bank of the ARC.
NARCL has invited applications from officers with experience in managing large domestic banks or financial companies at the mid-level or senior level. The applicant must have more than 10 years of experience in resolving distressed assets at a senior management level. The new MD/CEO will serve a three-year term.
While inviting applicants for the post, NARCL has said it proposes to acquire around Rs 2 lakh crore of distressed assets in phases.
NARCL has been active since last State Bank of India Managing director Diwakar Gupta took office as its president in the first week of December 2023, replacing Karnam SekarAs ET reported earlier. Prior to this, Gupta was chairman of Debt Resolution Company of India Ltd. (IDRCL), an agent of NARCL. Sekar resigned last August as chairman shortly after IDRCL He proposed to the Finance Ministry to merge NARCL with IDRCL, which did not materialise. A month after Sekar resigned, Sunder resigned before his tenure ended. It is the only ARC bidding under the 15:85 structure where 15% of the consideration is cash and the remaining 85% is security receipts. The government guarantees any shortfall in the recovery of the money pledged by NARCL. However, only SRs worth Rs 30,600 crore are guaranteed by the government, which can be invoked only if there is a shortfall in the redemption of the same.
According to media reports, NARCL has acquired 18 accounts with outstanding loans of Rs 92,500 crore till March 31, 2024. This includes debt of Rs 32,000 crore of bankrupt companies. Srei Infrastructure Financing and Srei Equipment Financing under the Insolvency Act and Bankruptcy Process.
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