City-based entity Leverage Turnaround Resolutions has obtained license from the Insolvency Bankruptcy Board of India (IBBI) to function as an Insolvency Professional Entity (IPE) to do resolutions of stressed companies which had turned NPAs in the banking sector books.
Director of Leverage Turnaround Resolutions Soumitra Lahiri said in a statement, the company had been backed by the Leverage Group engaged in investment banking with presence within the country and overseas.
Leverage Turnaround would engage resolution professionals for purposes of turning around a company by preparing a resolution plan on 'going concern' basis, the statement said.
The company would try to establish negotiations with several funds for infusing fresh capital in such companies for preparing the resolution plan, it said.
Earlier, it was reported that Leverage Turnaround Resolutions had obtained the license to function as an Insolvency Professional Agency (IPA).
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