Leverage Turnaround gets IPA license

Leverage Turnaround Resolutions, a city-based entity, has obtained license from the Insolvency Bankruptcy Board of India (IBBI) to function as an Insolvency Professional Agency (IPA) to do resolutions of stressed companies which had turned NPAs in the banking sector books.

Director of Leverage Turnaround Resolutions Soumitra Lahiri said the company had been backed by the Leverage Group engaged in investment banking with presence within the country as well as overseas.

He said Leverage Turnaround would engage resolution professionals for purposes of turning around a company by preparing a resolution plan on 'going concern' basis.

The company would try to establish negotiations with several funds for infusing fresh capital in such companies for preparing the resolution plan, he said.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)