Mumbai: The 3rd Additional Chief Metropolitan Magistrate MRA Shaikh appointed a team of nine lawyers as court commissioners and directed them to take possession of Tanna’s properties of SSSC Escatics Private Limited formerly known as Sai Siddhi Developers.
The proceeds will be used to settle loans of its new lender, Assets Care and Reconstruction Enterprises (ACRE), an asset reconstruction company. SSG-Ares backed ACRE acquired Nagarjuna Fertilizers entire ₹1,500 crore debt from banks by paying ₹811 crore, as reported by ET on March 29.
Funds are adopting innovative strategies to meet investor demands for higher returns, especially in credit funds, where investments are structured in a way to allow for risk to be time-tranched, with investors selecting credit opportunities based on their individual risk appetites.
During the period from December 2018 to April 2021, ACRE acquired Jayaswal Neco s debt from its lenders, and subsequently got a 32% equity stake in the company. This acquisition was made jointly with Bank of America at a discounted rate of nearly 30%.
The total outstanding loan for the hotel properties amounts to ₹507 crore. The portfolio consists of loans provided to KAD Housing and KAJ Infrastructure, both entities promoted by DP Jain and his family that operate two five-star hotels in Ghaziabad, namely Radisson Blu Kaushambi and Radisson Blu Hotel, as reported by ET on June 23.