Key Points
National Asset Reconstruction Company Ltd (NARCL) has offered lenders base bids for the bad loan accounts of Hitodi Infra, Sion Panvel Tollways and Morarjee Textile with total consolidated debt of more than 4,000 crore...
Based on binding bids from the government-backed bad bank, lenders have initiated a Swiss challenge auction for Hitodi Infra..
The lenders, including Bank of Baroda, ICICI Bank, Axis Bank, Bank of India, IDBI Bank and State Bank of India, have appointed BoB Capital as the process advisor..
Morarjee Textile, which has an integrated manufacturing plant in Nagpur, was admitted for bankruptcy by the National Company Law Tribunal Mumbai last month on an application by Axis Bank..
Earlier NARCL had offered anchor bids based on which IDBI Capital is running mandates for four other non-performing loans: Rohtak Hissar Tollways, Pink City Expressway, Metenere and Haridwar Highways Project...
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NARCL gives binding offers for two highway assets and a steel company
12, Jun, 23If lenders approve a binding offer for the two road projects and the steel company, it will be followed by a Swiss challenge auction. NARCL's offer for the three companies is less than 10% of their outstanding dues, one of the persons said.
Bad bank does two years' worth of business in one week, buys over Rs 24,000 cr of debt just before FY24 en
30, Mar, 24NARCL completed transactions of ₹24,000 crore in bank debt during FY24. It transferred road assets, including Metenere and Simplex Infrastructures. With these acquisitions, the total debt held by NARCL will almost double to Rs 48,652 crore, up from the Rs 25,000 crore acquired by the bad bank so far. However, it is still not close to the Rs 82,845-crore target set in 2022.
NARCL offers to buy Rs 1,100 crore loans of Parenteral Drugs
10, May, 23NARCL has offered ₹45 crore against a claim of ₹1,173 crore that these two banks have filed with the resolution professional, according to a notice issued by lenders to other ARCs.
Reliance Capital lenders plan auction on April 4
27, Mar, 23The administrator is proposing to hold an auction amidst stiff resistance from Torrent Investments- one of the bidders for the Anil Ambani-promoted finance company undergoing insolvency proceedings.
Hinduja sole bidder for Reliance Capital with ₹9,650 cr offer
27, Apr, 23Torrent Investments and Oaktree Capital didn't submit bids, although they had indicated earlier that they would participate in the process, the people said.
Hinduja Group to infuse another Rs 350 crore into RCap companies
27, Apr, 23IndusInd International Holdings (IIHL), the company through which the Hinduja Group placed its bids, has offered to invest Rs 300 crore into RGICL and another Rs 50 crore for the certain items that were not part of the insolvency proceedings, sources close to the development said.
At Rs 10,000 crore, Anil Ambani's Reliance Capital recovery may be only 43%
24, May, 23The recovery, totalling about ₹10,090 crore on factoring in the target company's cash balances and the Hinduja offer, falls short of the ₹12,500-13,000 crore estimated liquidation value.
Jaiprakash's lenders taken 'unawares' by ICICI move on company debt
15, Nov, 23JAL owes a group of 32 lenders a total of ₹29,272 crore. The company was among the 26 defaulters that the RBI had directed to be taken to the bankruptcy process in 2017 following which ICICI had filed an insolvency petition against the company before Allahabad Bench of the National Company Law Tribunal in 2018. That petition is yet to be admitted.
Reliance Capital Resolution: More challenges ahead
28, Apr, 23Although Reliance Capital's (RCap) lenders succeeded in concluding the second auction with an improved offer, they will have to cross several hurdles before completing the sale of the Anil Ambani financial services company as part of the insolvency process.
Suzlon in talks with Deutsche Bank to raise $350 million
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