Iba Inter Creditor Agreement Format

A senior IBA official said: „We have released the revised ICA so that bankers can start working on certain cases immediately. Regardless of the signatories of the former ICA, all banks sign the deed on a case-by-case basis. As soon as the revised control circular is available, all interested banks will re-sign the agreement. The Indian Banks` Association (IBA) on Tuesday released a revised draft inter-creditor agreement (ICA), in line with the Reserve Bank of India`s revised circular on the „Framework for Monitoring Resolutions of Stressed Assets,“ allowing bankers to begin liquidating certain stressed accounts. Tailor your preferences and receive a personalized recommendation of stories based on your interest. The document also specifies that lenders whose credit facilities are not denominated in Indian rupees, but who wish to become parties to the agreement, must obtain the appropriate authorizations and authorizations from the relevant government authority, including the RBI. Or the lender could enter into any other agreement, including the refinancing of its loans through loans denominated in Indian rupees, based on what is necessary for the effective implementation of a resolution plan. „. After these lenders join this agreement, they are bound and acquire as `lenders` the terms of this agreement and assume the same rights and obligations that they would have acquired and assumed if that lender, as lender, had been an initial part of this agreement,“ the ICA document reads. 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 questions have been raised on the PMG portal concerning 725 projects with expected Rs investments. .

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