National Asset Reconstruction Company Limited ,narco) has shown interest in loan accounts of Mr. The group companies, which are going through the corporate insolvency resolution process, said a top official of a state-owned bank. The development comes at a time when resolution is at an advanced stage, and financial bids are expected to be submitted by August 10 to take up the debt-ridden (SIFL) and Srei Equipment Finance Limited (SEFL).

“We have received initial interest from NARCL on acquisition of Srei account. We will discuss this in the joint lenders’ meeting on August 8.”

MD and CEO Soma Shankar Prasad said.

Officials said the total liabilities of the credit were around Rs 32,000 crore from all sources including banks, debentures and external commercial borrowings.

He said the company has made cash recovery and upgradation of NPA accounts to the tune of about Rs 5,000 crore since the RBI-appointed administrator initiated the probe into the troubled firms.

Shreya Board administrator Rajnish Sharma, who is also the resolution, said “there will be no impact on the current IBC-led resolution process even if the existing lender/bank assigns or sells the loan to any other institution, including asset reconstruction companies (ARCs). Huh.” Professional, told PTI.

Srei officials said the total settlement amount is likely to be around Rs 10,000 crore.

There were originally 14 suitors who submitted expressions of interest for the acquisition of Srei Group companies under the Insolvency and Bankruptcy Code (IBC) in March.

But, now only foreign bidders – New York-based Arena Investors LP Ltd, Verde Investment’s affiliate VFSI Holdings and Shaun Randhawa and his associates are expected to participate in the financial bid.

reserve Bank of India In early October last year, it had acquired the board of SIFL and its wholly owned subsidiary SEFL.