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The National Assets Reconstruction Company Ltd (NARCL), the special purpose vehicle set up as a joint initiative of public and private sector banks to consolidate stressed assets for resolution, has named Natarajan Sundar as Managing Director and Chief Executive Officer.
Sundar had retired as Deputy Managing Director and Chief Credit Officer of State Bank of India (SBI) on April 30.
His predecessor at NARCL, Padmakumar Nair, who was on secondment from SBI has since returned to the parent bank, according to an NARCL statement.
Last week, NARCL had appointed Karnam Sekar (former MD and CEO of Indian Overseas Bank and Dena Bank) as independent director and non-executive chairman of the board. Malvika Sinha, retired executive director of RBI, also joined as independent director last week.
NARCL board has five nominee directors from shareholder banks and another independent director is expected to join soon.
“NARCL has shareholding from 15 Indian banks, and Canara Bank is the sponsor bank of this ARC.
“Together with India Debt Resolution Company Ltd (IDRCL), they are presently engaged in completing the financial and legal due diligence of identified accounts for takeover from lenders, and are expected to make binding financial offers for a few accounts shortly,” the company said.
A total of 38 accounts, aggregating to ₹82,845 crore, have been identified by banks collectively for transfer to NARCL, according to an SBI statement dated January 28.
About 15 stressed accounts (above ₹500 crore each), aggregating to ₹50,335 crore, will be transferred under Phase-I, according to the statement.
Overall, stressed assets aggregating about ₹1.5 lakh crore are expected to be transferred to NARCL.
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