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Assignment by More than 75 % of Lenders won't oblige other lenders to accept offer of ARC: HC

February 14, 2020[2020] 114 304 (Bombay)

IBC : Merely because more than 75% (by value) of lenders of debtor company had assigned all their rights, title and interest in financial facilities granted by them, by virtue of Income Recognition and Asset Classification (IRAC) Guidelines issued by RBI circular, all other lenders could not be obliged to accept offer of Asset Reconstruction Company for assignment of their respective rights, title and interest in financial facilities granted to debtor company

• IRAC Guideline is merely an advice, caution and guidance provided on sale of financial assets to securitisation company and Reconstruction Company (RC).

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