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Kotak-backed Phoenix ARC, Edelweiss keen to acquire SBI loan to HNG

Kotak Mahindra Bank-backed Phoenix ARC and Edelweiss Asset Reconstruction Company are interested in acquiring State Bank of India s loan to Hindusthan National Glass (HNG). Prudent ARC, UV ARC, and Omkara ARC have also submitted expressions of interest. HNG, the largest glass bottle maker, was admitted for insolvency on a petition by DBS Bank. HNG has received resolution plans from AGI Greenpac and Madhvani Group. ....

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Shyam Metalics arm gets NCLT nod to acquire Mittal Corp

The Indian bankruptcy court has approved the acquisition of steel maker Mittal Corp Ltd by Shyam Metalics and Energy Ltd. The successful bidder, Shyam Sel and Power Ltd, will pay Rs 351 crore, resulting in a 20% recovery for all creditors. The financial creditors claim of Rs 1,587 crore will receive Rs 348.7 crore. The lenders had previously approved the revival plan with 100% voting in favor of Shyam Sel and Power. ....

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coffee day enterprises: IDBI Trusteeship files insolvency resolution application against Coffee Day Enterprises

Ares SSG Capital Management has filed an application for corporate insolvency of Coffee Day Enterprises (CDEL) due to a bond default. CDEL s holding company, Coffee Day Global, was already admitted for corporate insolvency. Several lenders of CDEL have sold their debt to different asset reconstruction companies. ....

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Indostar Capital Finance: IndoStar Capital sells two builder loans to Phoenix ARC, ET RealEstate

Indostar Capital Finance: Non-banking finance companies (NBFCs) categorise loans as stage 2 if the overdue period is between 30 and 60 days. Classification of borrower accounts occurs during the day-end process for the specified date. ....

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IndoStar Capital sells two builder loans to Phoenix ARC

The recovery rate is considered good given that these loans were overdue by around 60 days. "The recovery was good as the loan accounts were tagged in stage 2 and chances of recovery are strong," said a source. Non-banking finance companies (NBFCs) categorise loans as stage 2 if the overdue period is between 30 and 60 days. Classification of borrower accounts occurs during the day-end process for the specified date. ....

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