Please refer to BPRD Circular No. 03 of 2020, whereby, Guidelines on Transfer and Assignment of Non-Performing Assets to Corporate Restructuring Companies (CRCs) were issued.
2. Consequent to the amendments in the Corporate Restructuring Companies Act 2016 vide Corporate Restructuring Companies (Amendment) Ordinance, 2020, circulated through BPRD Circular Letter No.34 of 2020, the Banks/DFIs, may also appoint CRCs as their Agent under an Agency Agreement, to recover their Non-Performing Assets (NPAs).
3. In order to provide guidance to the banks/DFIs on matters related to appointment of the CRCs as collection/recovery agent under an Agency Agreement, the Guidelines for Transfer and Assignment of Non-Performing Assets to CRCs have been revised.
4. The Banks/DFIs are advised to comply with the attached revised Guidelines, in letter and spirit. Any deviation or non-compliance of the same shall attract punitive action under the relevant provisions of the Banking Companies Ordinance, 1962.
5. Please acknowledge.
Encl: Revised Guidelines - Transfer and Assignment of Non-Performing Assets to Corporate Restructuring Companies.