NARCL to bid for seven stressed assets worth Rs 34K cr via Swiss challenge

NARCL has been set up with a strategic initiative to clean up the legacy stressed assets with an exposure of Rs 500 crore and above in the Indian Banking system

State-owned National Asset Reconstruction Company (NARCL) is set to initiate bidding for seven stressed assets worth Rs 34,067 crore through the Swiss challenge process, while resolution is underway or completed for three accounts worth Rs 4,842 crore, according to an internal document reviewed by Business Standard.

 

Swiss challenge is a bidding method often used in public projects, where an interested party initially submits a proposal for a contract or project. The government then publicises the project details and invites competing proposals. Upon receiving these bids, the original proposer is given the opportunity to match the best offer. If the original