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Under the Companies Act, 2013, Asset Reconstruction Company is a specialised financial institution engaged in purchasing bad loans, NPAs from banks, and financial institutions to clean their balance sheet. Moreover, it acts as a bank recovery agent as it takes over the loans and advances from the bank and financial institutions for recovery.
This company has been set up with an objective of securitization, and it also needs registration from RBI. Also, it is regulated by Section 3 of the SARFAESI Act, 2002.
Additionally, for the acquisition of financial assets, the scrutinization or reconstruction company becomes the financial asset owner and acts as a lender bank/FIs.
As per notification No.DNBS.1/CGM(CSM)-2003 (dated March 7th, 2003), every Scrutinization and Asset Reconstruction Company must apply for the registration and obtain the registration certificate from the bank according to Section 3 of the Act.
The objective of an asset reconstruction company is to pursue the common interest, i.e., ensure efficacious management, reforming the scrutinization business, and asset reconstruction. Hence, creating stakeholder value.
Note- RBI also holds the authority to reject the application if the company fails to withstand the prescribed standards.
JR Compliance consists of a team of experts who understands your business and provides you with the most satisfactory solution to your query regarding Asset Reconstruction Company registration. Not only this, but we will assist you throughout the Asset Reconstruction Company registration with RBI because we care about our clients, that’s why we comprise all the resources and experts to provide 100% assistance.
An Asset Reconstruction Company registration with RBI is essential before commencing its activities. However, the registration process of an asset reconstruction company could be tedious. Thus, to register an Asset Reconstruction Company, you required experienced personnel.
Consequently, JR Compliance comprises the experience, professionalism, and knowledgeable consultants who guarantee to provide you most satisfactory assistance throughout the process of Asset Reconstruction Company registration with RBI. Moreover, you can blindly follow our advice as we offer the finest advice after proper evaluation and research.
Hence, for expert and professional services, contact us immediately.
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