Lenders have transferred the entire Rs 9,234-crore Jaypee Infratech loan to newly constituted National Asset Reconstruction Company (NARCL), The Economic Times reported. This is the maiden acquisition by the government-promoted bad loan bank that was set a year ago.
Under the arrangement, the NARCL will only acquire Jaypee Infratech loans that are currently held by 9 public sector banks. In a Swiss challenge auction held on October 27, 2022, in response to NARCL’s Rs 3,570-crore offer for the Rs 9,234 crore of debt, lenders failed to draw counterbids.
Recall here that offers made by the NARCL are backed by government guarantees for security receipts issued by it. This gives the government-backed bad-loan aggregator an advantage over any other bidder. Any party interested to make a competing offer must pay in cash.
NARCL’s bad loan acquisition plan leaves out nearly 62% of the claims which includes 24,000 homebuyers, private lenders and fixed depositors. They will have to wait for the National Company Law Tribunal for a final call on Suraksha Group’s winning bid. Suraksha Group was declared the winner of the company in June 2021, but the litigation is pending at the NCLT.
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