CLXNS onboards Sumit Kumar Basu as its Head of Legal & Compliance
23rd May 2023: CLXNS, a leading digital-first debt resolution company, has onboarded Sumit Kumar Basu as Head of Legal and Compliance. With an extensive experience of over 19 years, Sumit brings a wealth of knowledge and expertise to his new role.
In his capacity as CLXNS’ Head, Sumit Kumar Basu will establish a robust legal framework for efficient fund recovery, ensuring strict adherence to RBI guidelines. His leadership will foster a sustainable ecosystem by collaborating with the law enforcement agencies, building a network of legal ecosystem, and maximising recoveries while maintaining and/or ensuring statutory compliances. His unwavering dedication to regulatory compliance and his adeptness in formulating impactful legal strategies will further fortify CLXNS’ standing in the financial industry.
Throughout his remarkable career, Sumit Kumar Basu has showcased exceptional capabilities in managing a wide range of litigations, including but not limited to those related to Section 138 of the N.I. Act, SARFAESI, Arbitration, and NCLT cases. He started off his legal stint as a practitioner in the Original Side of the Honb’le Calcutta High Court and has a total experience of 18+ years under his belt. His extensive work across various regions has not only provided him with valuable insights but also enabled him to establish strong connections with legal vendors nationwide.
Speaking about his appointment, Sumit Kumar Basu, Vice President at CLXNS, said, “I am delighted to join CLXNS and share my vision for the company, which can be encapsulated as ‘a spark that can ignite a million dreams’. My core focus will be working with the team to enhance legal and compliance functions, propelling our journey to become a preeminent force in the financial industry. By fostering a culture of integrity and excellence, we will empower individuals and businesses to overcome financial challenges and realise their aspirations.”
Welcoming Sumit to CLXNS, Manavjeet Singh, MD & CEO of CLXNS, said, “We firmly believe that Sumit’s extensive expertise in legal matters, coupled with his proven track record of increasing recoveries, will be of immense benefit to our company. His strategic leadership will play a pivotal role in achieving CLXNS’ goals and driving our growth in the coming years. With Sumit Kumar Basu at the helm of our legal and compliance functions, we are well-positioned to provide efficient financial solutions while upholding strict compliance with all legal and regulatory requirements.”
Sumit’s remarkable expertise in asset repossession, skilfully leveraging Section 9 Orders, has consistently yielded impressive results. His relentless pursuit of excellence in recovering funds from delinquent pools has garnered industry recognition, with the esteemed Star Award at L&T Financial Services serving as a testament to his outstanding achievements. Sumit was previously associated with renowned institutions, including HDFC Bank, Reliance, L&T Finance, and ARCIL.