CFM Asset Reconstruction Company sole bidder for debt laden JBF Industries
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Synopsis
JBF has been marked as a non performing asset (NPA) for many years now and a bid for the company has come amid a surge in commodity prices giving bankers an opportunity to settle a legacy bad loan which has been 100% provided by most lenders.
Agencies
Ahmedabad-based CFM Asset Reconstruction Co has emerged a surprise bidder for polyester maker
JBF Industries with a Rs 800 crore out-of-court resolution plan to settle the Rs 2,000 crore debt of the stressed company.
JBF has been marked as a non-performing asset by lenders for several years now and a bid for it has come amid a surge in commodity prices, giving bankers an opportunity to settle a legacy bad loan which has been 100% provided by most of them.