First NARCL transfer case: Lenders await govt guarantees for SR

While the National Asset Reconstruction Company (NARCL) is working on about a dozen cases, lenders are looking to the government to provide guarantees for securities receipts (SRs) for the first stress asset Jaypee Infratech.

The NARCL offered just more than Rs 3,500 crore for debts of over Rs 9,200 crore held by state-owned banks.

There was no counter-offer under the Swiss Challenge about a month ago, paving the way for the transfer of a lender exposure to the NARCL.

The process of Swiss Challenge was over last month.

After the first few cases, as lenders and the government become familiar with the arrangement, the