In accordance with the Reserve Bank of India`s (RBI) Prudential Framework for Resolution of Stressed Assets, the Indian Banks` Association (IBA) has established a creditor agreement (ICA) containing details of lenders` meetings, voting matters, payments to divergent lenders and additional funds. The government has taken a number of steps to revive stalled projects. A project monitoring group has been set up and is working as an institutional mechanism to address a large number of issues, including speeding up the monitoring of permissions. As of 1.1.2019, more than 3,191 issues raised on the PMG portal out of 725 projects have been resolved, with expected investments of 29.88 Lakh Crore, and 513 inter-ministerial meetings and 247 meetings with secretaries of state have been held to resolve related issues/declassifications. In addition, inter-ministerial groups have been set up by the ministries of the relevant nodes in the shipping, textile, energy, telecommunications, renewable energy and SPAM sectors to examine systemic issues affecting the viability and viability of the sectors. Business Standard has always strived to provide up-to-date information and feedback on developments that are of interest to you and that have a broader political and economic impact on the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our determination and commitment to these ideals. Even in these difficult times that arise from Covid-19, we are still committed to keeping you informed and keeping you informed with credible news, relevant views and concise comments on current topics. However, we have a question.
As we struggle with the economic effects of the pandemic, we need your support even more so that we can continue to offer you better quality content. Our subscription model has received an encouraging response from many of you who subscribe to our online content. Another subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Their support through more subscriptions can help us practice the journalism we are committed to. Support quality journalism and sign up for Business Standard. Digital Publisher Each lender ensures that it is represented at each meeting of lenders by competent persons who are empowered to make decisions on the ground without deferring them for internal authorization. On 12.2.2018, the Reserve Bank of India (RBI) issued a circular on the resolution of stressed assets – Revised Framework. The RBI indicated that, by order of 2.4.2019, the Supreme Court considered that this circular was not is, which made it necessary to issue a revised circular for a quick and effective resolution of stressed assets. The RBI also announced: In this context, the RBI published, on 7.6.2019, a „Prudential Framework for Resolution of Stressed Assets“ for the early settlement of stressed assets in a transparent and temporal manner, with lenders having all the necessary flexibility to design and implement resolution plans, while providing dissuasive incentives in the form of additional provisions for delays in the implementation of decommissioning The Committee on the Organisation of Time and the Organisation of Working Time was set up by the Commission. and to make it mandatory to sign an agreement between creditors providing for a majority decision by all lenders. In accordance with the comments received from the Indian Banks` Association (IBA), the Prudential Framework published by the RBI in the circular of 7.6.2019 made it mandatory to sign an inter-creditor agreement prior to the preparation of the settlement proposal for a particularly stressed account and, in this context, IBA developed an interbank agreement and distributed it among its member banks in order to facilitate the settlement process.
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