Lenders pin hope on NARCL offer for JAL stressed assets financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
India s state-owned bad bank, National Asset Reconstruction Company Ltd (NARCL), has acquired three more accounts in the past two weeks, including Dharani Sugars and Chemicals, SPML Infra, and Parenteral Drugs. The finance ministry has urged NARCL to expedite the acquisition process. Differences between NARCL and India Debt Resolution Co Ltd (IDRCL) have caused delays.
India undeniably requires a robust secondary market for distressed debt. Both ARCs and regulatory bodies share the responsibility to boost this market s efficiency.
The cash was distributed as part of the ₹3,180 crore upfront payment promised by the bad bank in its winning bid and was credited to banks on Saturday, four people familiar with the details said.
The Supreme Court had stayed a liquidation order of the sugar maker given by the National COmpany Law Tribunal (NCLT). The National Company Law Appellate Tribunal, too, had upheld the NCLT order. Lenders did not receive any counteroffer for the ₹222.5 crore binding offer by NARCL, which triggered a Swiss challenge auction held on September 18.