The National Asset Reconstruction Company Limited (NARCL) has given binding offers to lenders for acquiring loans of two highway assets and a steel company, namely, SEW LSY Highways, Haridwar Highways Project and Kamachi Steel.
Once lenders give their approval to a binding offer, a Swiss challenge auction is likely to take place. The offer made by NARCL for the three companies is less than 10 per cent of their outstanding dues.
The state-backed bad bank’s binding offer of Rs 4.05 billion for SPML Infra, an EPC company, triggered the Swiss auction. Lenders will recover around 33 per cent of dues from the sale of the same.