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NARCL seeks Rs 2,700-crore funds to grow bad loan biz

The ARC will use the funds to make cash payments to banks against the purchase of non-performing loans. NARCL offers 15% of consideration as cash payment, and balance 85% is paid in the form of security receipts paid on recovery of loans or at the end of five years or whichever is earlier.

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NARCL makes binding offers for over half a dozen accounts: Sources

NARCL is set to acquire loans of Simplex Infra following an uncontested Swiss auction. The state-backed bad bank has made a binding offer of ?640 crore for debt-laden engineering, procurement, and construction company Simplex Infrastructure, which is less than 7% in recovery to lenders. Simplex owes lenders, led by Punjab National Bank (PNB), a total of Rs 9,600 crore and is one of the largest accounts to be referred to bankruptcy courts in recent times. NARCL is preparing to acquire the loan in cash and security receipts (SRs).

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Shri Ram Multicom to acquire Sarga Hotels under IBC, Real Estate News, ET RealEstate

The Kolkata bench of the National Company Law Tribunal approved a Rs 301 crore resolution plan against Rs 816 crore admitted claims from creditors, employees, and trade creditors.

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NARCL offers INR 270 cr for Pink City Expressway, recovery likely at 15%, ET Auto

The offer is the first from NARCL to banks in more than four months and the first since changes in the top management of the bad bank. Former SBI managing director Diwakar Gupta took over as NARCL chairman in early December, months after Karnam Sekar quit in August amid differences over the functioning of the institution.

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