Former KPMG managing partner, Narayan Seshadri, is set to assume the role of Chairman at IDRCL, the government-backed bad bank, following the resignation of Diwakar Gupta. Gupta, in turn, is expected to take over as Chairman of NARCL. This leadership shift aims to expedite the resolution of bad loans, a process that has faced challenges and delays.
NARCL has encountered obstacles in meeting its bad loan resolution targets:
Q1: Who is set to become the new Chairman of India Debt Resolution Co Ltd (IDRCL)?
A1: Former KPMG managing partner, Narayan Seshadri, is poised to take over as the new Chairman of IDRCL.
Q2: Why did the previous Chairman of IDRCL, Diwakar Gupta, resign?
A2: Diwakar Gupta resigned from IDRCL to assume the role of Chairman at the government-backed National Asset Reconstruction Co Ltd (NARCL).
Q3: What challenges has NARCL faced in its bad loan resolution efforts?
A3: NARCL has encountered delays in government guarantee renewal, a lack of consensus with banks on asset pricing, and differences with its primary agent IDRCL.
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