India News: The Supreme Court has expressed its surprise in a recently passed decision when it noted that the Bombay High Court in an order refrained from grantin
Get latest articles and stories on India at LatestLY. The Supreme Court has expressed its surprise in a recently passed decision when it noted that the Bombay High Court in an order refrained from granting relief to petitioner observing there is an alternate remedy. India News | SC Expresses Surprise at Bombay HC's Order Refraining from Granting Interim Relief on Ground of Alternate Remedy.
Asset Care and Reconstruction Enterprises (ACRE) is set to acquire a ₹411 crore loan of Visa Steel from Union Bank of India after no other bidders participated in the auction. ACRE s upfront cash offer of ₹143 crore equates to a recovery of 35%. With this acquisition, ACRE s share of debt in Visa Steel will increase to around 60%.
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.
The interim financier based in Delhi-NCR has achieved a successful exit from its investment in SARE Gurugram Pvt Limited (Sare Gurugram) within 11 months. In August, 2022, the financier had provided interim finance to the debt-laden real estate company.