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CLAT Exam  >  CLAT Questions  >  Who has been appointed as the Managing Direct... Start Learning for Free
Who has been appointed as the Managing Director and CEO of the National Asset Reconstruction Company Limited (NARCL)?
  • a)
    Ashwani Kumar
  • b)
    Natarajan Sundar
  • c)
    Ajay Yadav
  • d)
    Karnam Sekar
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Who has been appointed as the Managing Director and CEO of the Nationa...
Natarajan Sundar, a former executive of State Bank of India (SBI), has been appointed as the Managing Director and CEO of the National Asset Reconstruction Company Limited (NARCL) starting from May 30. The NARCL, established as a joint initiative of public and private sector banks, aims to take over bad loans from banks and focus on resolution and recoveries. Karnam Sekar, another former SBI employee, has been appointed as the non-executive chairman of NARCL. Natarajan Sundar served at SBI for over 37 years and retired as the deputy managing director and chief credit officer. His extensive experience and expertise in handling banking operations and credit management make him well-suited for his new role at NARCL. These appointments are expected to strengthen the leadership of NARCL in addressing the challenges related to bad loans and resolving them effectively. Therefore, the correct answer is option b.
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Who has been appointed as the Managing Director and CEO of the Nationa...
The correct answer is option B. Natarajan Sundar.

Natarajan Sundar has been appointed as the Managing Director and CEO of the National Asset Reconstruction Company Limited (NARCL). NARCL is a proposed bad bank that will be responsible for resolving stressed assets in the banking system.

Background of Natarajan Sundar
Natarajan Sundar is a seasoned banker with more than 37 years of experience in the banking and financial sector. He has previously served as the Deputy Managing Director of State Bank of India (SBI). During his tenure at SBI, he was responsible for managing the stressed assets portfolio of the bank and played a key role in the resolution of several large accounts. He has also served as the CEO of SBI Capital Markets, the investment banking arm of SBI.

Role of NARCL
NARCL, also known as the bad bank, is a proposed entity that will take over the stressed assets of banks and financial institutions. Its primary objective is to resolve these stressed assets and maximize their value through various resolution mechanisms such as restructuring, asset sales, and debt recovery. The establishment of NARCL is part of the government's efforts to address the issue of non-performing assets (NPAs) in the banking system and improve the financial health of banks.

Appointment of Natarajan Sundar
Natarajan Sundar's appointment as the Managing Director and CEO of NARCL is a significant development in the establishment of the bad bank. His extensive experience in managing stressed assets and his understanding of the banking sector make him well-suited for this role. As the head of NARCL, he will be responsible for overseeing the resolution of stressed assets, coordinating with banks and financial institutions, and implementing the government's vision to clean up the banking system.

Conclusion
The appointment of Natarajan Sundar as the Managing Director and CEO of NARCL is expected to bring valuable expertise and leadership to the establishment and functioning of the bad bank. His vast experience in the banking sector will be crucial in addressing the issue of stressed assets and improving the overall health of the banking system.
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The Insolvency Code vests the management of the affairs of a corporate debtor in the interim resolution professional(IRP) on the insolvency commencement date. This implies the imposition of corresponding duties on the IRP. The Insolvency and Bankruptcy Board of India directed that, while acting as an IRP for a corporate person under the Code, reasonable care and diligence shall be exercised to ensure corporate debtor’s compliance with the applicable laws, failing which liability would be imposed on the IRP. This is unlike what would have been the case under the Companies Act where consequences would be borne by the directors. Additionally, the Code suspends the powers of the board of directors. Their functions are limited to providing assistance to IRP.A significant verdict of the Court held that the general duties of directors continue independent of, and run parallel to, the duties owed by an IRP. It was noted that the law expects, in an insolvency situation, for more than one actor to play their part, and that the fiduciary duties of the directors are an important part of the protection afforded to the company and its creditors.In other judgment the Court observed that various duties of IRP enumerated under the Code manifest that one individual cannot undertake all. In light of the Code, which mandates personnel of the debtor to extend all assistance to the IRP, the argument that the IRP cannot delegate some of his duties and functions to such personnel has to be rejected. The landmark judgment of the Supreme Court laid down that the resolution professional is really a facilitator of the resolution process, whose administrative functions are overseen by the committee of creditors and the adjudicating authority. In another judgment, the Court held that it is the directors of the company who are directly affected by any declaration regarding the insolvency and thus, even though the Code suspends the board of directors, yet the authorization by the same to the managing director to represent the company is valid. There is a lot more to the functions of the directors during insolvency proceedings than providing cooperation to the IRP. One of the foremost duty of a director is to cater to the interest of the creditor during the insolvency phase. With the survival of directors following insolvency, it also becomes necessary to note that there is an active survival of their functions and duties as well, rather than merely carrying out a supporting role. To achieve this, recognition of general duties of the directors under the Companies Act is certainly a minimum requirement, independent of the Code.Q. Before the initiation of insolvency proceedings, the company X had been declared as a shell company by the Securities and Exchange Board of India. The managing director, acting in accordance with a resolution passed by the board of directors authorizing him to file a petition on behalf of the company, approached the High Court against the declaration. But, this was done only after the company had become the subject of insolvency proceedings. Determine whether the Managing Director has a locus standi to represent the company?

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Who has been appointed as the Managing Director and CEO of the National Asset Reconstruction Company Limited (NARCL)?a)Ashwani Kumarb)Natarajan Sundarc)Ajay Yadavd)Karnam SekarCorrect answer is option 'B'. Can you explain this answer?
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