The government-backed National Asset Reconstruction Company Ltd has taken lead in taking over two stressed entities of the Srei group as it submitted the "highest net present value bid of Rs 5,555 crore" among bidders. NARCL's net present value bid, submitted in the 10-hour-long "challenge mechanism" conducted by the committee of creditors (CoC) on Tuesday, constitutes Rs 3,200 crore in cash, a Rs 1000-crore jump from the previous plans offered
The administrator says it is duty-bound to present all plans before CoC which is in the process of verifying if the plans are compliant. Administrator to appeal against the order with NCLAT. Torrent's counsel tells the count that rules cannot be abandoned for value maximisation.
During the last fiscal, the total outstanding of the MFI sector was Rs 2.7 lakh crore, and the sector had created around 1.32 crore jobs in the country since 2000, Micro-Finance Institution Network (MFIN) CEO Alok Misra said on Tuesday.
Torrent Investments filed an interlocutory application a day before the committee of creditors and their advisors’ pre-scheduled meeting on January 3. It has petitioned that the verified lenders and the administrator, Nageswara Rao Y, will be violating the law governing the corporate insolvency process by engaging in negotiations with the “latecomer†while referring to Hinduja, said one of the persons cited above.
In an e-auction conducted under the Challenge Mechanism, Torrent had presented a resolution plan for Reliance Capital Ltd (RCL) with a net present value of Rs 8,640 crore, while Hinduja's offer was Rs 8,110 crore.
RFL, an NBFC arm of Religare Enterprises Ltd, owed about Rs 5,300 crore to the consortium of lenders led by the State Bank of India (SBI). Other lenders include the Bank of Baroda, Union Bank of India, Canara Bank, Punjab National Bank, Bank of India, IDBI Bank, Punjab & Sind Bank, and Bank of Maharashtra.
Indian shadow lender Shriram Finance Ltd said on Friday it had secured a five-year loan worth $100 million from the Asian Development Bank to provide credit to its customers towards purchase of new and used vehicles across India.
With India's digitalisation picking up pace, the UPI transactions in the nation registered a robust growth. A growth of nearly 25 per cent and 14 per cent in value and volume, respectively, were recorded in assisted financial transactions across semi-urban and rural retail counters in the country in 2022.
RFL, an NBFC arm of Religare Enterprises Ltd, owed about Rs 5,300 crore to the consortium of lenders led by State Bank of India (SBI). As part of the proposed OTS, the company in June 2022 deposited Rs 220 crore earnest money with the lead lender demonstrating its commitment towards RFL revival.