Jaypee Infra insolvency: Decks cleared for NARCL to buy first stress asset

Jaypee Infratech deal expected to close by early Nov

The decks have been cleared for government-backed National Asset Reconstruction Company (NARCL) to acquire its first stress asset, as no counter offer was made for its bid for Jaypee Infratech. 

Senior bank executives said no bids were received under the Swiss challenge, which was scheduled on Thursday. 

Now, banks will issue a letter of intent (LOI) to NARCL, which is known as India’s bad bank, in the next few days informing that the asset reconstruction firm has won the bid. This will be followed by internal processing and making payment to lenders for acquiring exposure. NARCL will pay 15 per