Lenders to sell Videocon Oil Ventures, Amtek Auto debt to NARCL

Rs 90,000-crore NPAs of 22 firms to be transferred in first tranche

Large non-performing assets (NPAs) of 22 companies, including Videocon Oil Ventures, Amtek Auto, Reliance Naval, and Lavasa Corporation, are set to be sold to National Asset Reconstruction Company (NARCL) in the first tranche, banking sources said.

These companies were earlier referred to the National Company Law Tribunal (NCLT) for debt resolution under the Insolvency and Bankruptcy Code, 2016. As there has been significant delay in resolving these accounts due to prolonged litigation, the lenders are planning to sell them to NARCL – set up recently by banks to aggregate and consolidate stressed assets for their subsequent resolution. Banks will transfer