The 'Bad Bank' structure established in India to resolve the massive legacy NPAs of public sector banks consists of two entities: the National Asset Reconstruction Company Ltd (NARCL) for acquiring bad loans, and the ___ for managing and recovering them.

Answer: India Debt Resolution Company Ltd (IDRCL)

This twin-entity structure separates the aggregation of bad assets from their operational resolution. NARCL, which is majority-owned by public sector banks, purchases the stressed assets from banks by issuing Security Receipts. The IDRCL, which is majority-owned by private sector professionals, is then hired to manage these assets, formulate resolution plans, and execute the actual recovery process to maximize the salvage value.