Right to Information Act, 2005

The particulars of organization, functions and duties.

Name and address of the Organization –
Stressed Assets Stabilization Fund (SASF) having its Principal Office at 3rd Floor, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400 005.

Head of the organization –
Chief General Manager & Executive Trustee.

Vision, Mission and Key objectives –
SASF was constituted by the Govt. of India as a Special Purpose Vehicle (SPV) Trust for acquiring stressed and non-performing assets of erstwhile Industrial Development Bank of India (IDBI). SASF has been accorded the status of Financial Institution to take advantage of provision of the Recovery of Debts due to Banks and Financial Institutions, 1993 by approaching Debt Recovery Tribunal (DRT) as well as Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002 for resolution of the assets acquired as also proceedings under Insolvency and Bankruptcy Code, 2016 (IBC) through NCLT.

Function and duties –
The Trust shall manage, administer and realize the Stressed Assets and for the purpose do all such acts, deeds and things as may be required including without limitation taking action for realisation and recovery of dues with or without intervention of the courts / tribunals and as if it were an arrear of land revenue, arriving at one time settlements, negotiated settlements and taking measures to enforce the available securities for effective and efficacious recovery under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 or securitisation, restructuring or reconstruction of Stressed Assets and for this purpose act as trustees, managers, administrators, receivers, valuers or otherwise and engage, appoint, discharge, remove and replace any intermediaries, agents, professionals or consultants.

Function and Duties of key officials is as under -

1. Administration and overall inhouse management of entire set up of SASF.
2. Overall supervision of implementation of policies, guidelines at Macro level
3. Review of yearly targets and achievments, review of policies, DoPs
4. Handling of CAG audit, Parlimentary question and remittances to GoI.