ARCs are also asked to rectify the rejected data received from CICs and upload the same with the CICs within seven days of receiving such data
The three NSL group companies include NSL Sugar Ltd, NSL Krishnaveni Sugar Ltd, and NSL Textiles Ltd. NSL Group is led by Mandava Holdings Pvt Ltd, the holding company
The private sector ARC has set a deadline of August 26 for interested entities to submit expressions of interest (EoIs) for the assets on offer
AUM of private sector ARCs is expected to be Rs 1.2 - Rs 1.25 trillion in FY25 compared to Rs 1.35 trillion in the previous fiscal
Healthy economic growth and buoyant residential demand across housing segments in the top six cities will lead to 10-12 per cent growth in residential realty demand this financial year
Recovery of debt from stressed residential realty projects is set to increase in the current financial year due to higher property prices as well as changes in rules, a report said on Monday. The bad loan recovery rate is estimated to touch 16-18 per cent at the end of FY25 from 11 per cent as on March 31, 2024, domestic rating agency Crisil said in a report. "This will be driven by improved viability of stressed projects due to healthy demand and price appreciation seen in residential real estate and greater investor and promoter interest in reviving such projects," the agency said. It added that recent amendments to the Insolvency and Bankruptcy Board of India (IBBI) regulations for real estate projects should also strengthen resolution of stressed real estate assets in the medium term. The agency said it analysed the performance of its portfolio comprising security receipts of Rs 9,000 crore from 70 stressed realty projects with a saleable area of 66 million square feet while ..
Rao emphasised the need for robust governance structures for ARCs for transparent and effective functioning
'Non-complying ARC shall be subject to supervisory action,' says regulator
The financial creditor, Edelweiss Asset Reconstruction Company Limited, had filed a petition to initiate a Corporate Insolvency Resolution Process (CIRP) against GVK Gautami Power
Service will help debt recovery by providing information about each stage of delinquent cases
With the market getting crowded with wholesale asset reconstruction companies or ARCs, financial services conglomerate Shriram Group's decision to focus on retail ARC is seen as a foray at the "right time," said a top official. The Shriram group recently announced its entry into retail asset restructuring (ARC) and also into digital wealth management service businesses. "My personal view is that retail ARC is a good business to get into at this point which Umesh (Revankar) has been reiterating that in retail ARC there is nobody in this sector," Shriram General Insurance's Vice-Chairman Jasmit Singh Gujral told PTI recently. He is also part of the four-member board of management (BOM) of Shriram Ownership Trust, which oversees the activities of the group. The other three being DV Ravi, VC & MD of Shriram Capital, Umesh Revankar, Executive VC of Shriram Finance and R Duruvasan, director at Shriram Life. Elaborating, Gujral said there is a synergy across businesses of the Shriram ...
Consequently, credit costs are expected to start tapering down gradually, leading to normalisation in profitability in the normal course of business
With JC Flowers ARC's 24.19% stake in the company, Chandra's total holding in the satellite TV operator will rise to 28.2%, if the transaction goes forth
In the five years that ended on March 31, 2022, the PSBs were able to recover only 14 per cent, Rs 1.03 trillion, out of the total written-off loans of Rs 7.34 trillion
The move follows a special audit conducted by the banking regulator after the income tax (I-T) department raided the premises of these ARCs in 2021
Yes Bank has concluded assignment of the Rs 48,000-crore stressed asset loan portfolio of the bank to JC Flowers Asset Reconstruction company. The bank had earlier declared JC Flowers Asset Reconstruction Private Limited (JC Flowers ARC) as the winner of the Swiss Challenge process for sale of its identified portfolio of stressed assets. "The bank has now concluded assignment of identified stressed loan portfolio of the bank aggregating to up to Rs 48,000 crore as on March 31, 2022 under 15:85 structure, after adjusting recoveries between 1st April 2022 to 30th November 2022," Yes Bank said in a regulatory filing on Saturday.
The NARCL offered just more than Rs 3,500 crore for debts of over Rs 9,200 crore held by state-owned banks
The asset reconstruction business is in for a big change, but there are doubts if this will lead to better results
Days ahead of the deadline to submit binding bids, LIC's move to sell its Rs 3,400 crore secured principal debt of cash-strapped Reliance Capital Ltd (RCL) to an asset reconstruction company (ARC) has irked its lenders and bidders. The last date for submitting binding bids for Reliance Capital Ltd (RCL) and its subsidiaries is November 28. LIC is conducting a Swiss Challenge process to invite bids from Asset Reconstruction Companies (ARCs) to sell its exposure in RCL, sources said, adding prospective bidders will be asked to better the offer. However, the sources said, Asset Care and Reconstruction Enterprise will have the first right to match the counteroffer. The last date to submit the bids is November 25, while the deadline for submission of binding bids for RCL is November 28. According to the sources, the Committee of Creditors (CoC) of RCL are upset as to why LIC has initiated a parallel process to sell its debt so close to the bids submission deadline. LIC is a member of
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