ARC had released a list a week ago among the lenders of 17 companies with total outstanding debt of Rs 93,240 crore.
ET reviewed the copy of the list. NARCL could not be reached for comments.
NARCL has drawn up a fresh list in an effort to revive the ARCs, the formation of which was announced in the Union Budget 2021, but has so far failed to get a single loan. “Most of the cases on the earlier list were almost settled,” said one of the people mentioned above.
Largest account on the list Srei Equipment Finance 22,485 crore with outstanding loans. The list also includes
(Rs 10,330 crore outstanding), (Rs 10,700 crore), Future Entertainment (Rs 5,800 crore), Future Lifestyle Fashion (Rs 1,781 crore), (Rs 310 crore), and Future Consumer (Rs 281 crore).
lenders are waiting NCLTOrder to admit Future Retail for insolvency proceedings. Promoter Kishor Biyani is in talks with lenders for an out-of-court settlement in the other four Futures companies.
Both the Srei companies are going through insolvency process.
It is the second largest listed account with outstanding loans of Rs 20,167 crore. Its partner, Jaypee Cement, is also listed with a debt of Rs 527 crore. The people cited above said the lender is in talks with promoter Manoj Gaur, seeking out-of-court settlement for both these accounts.
Other accounts on the list include three EPC (Engineering, Procurement and Construction) companies –
(Rs 2,972 crore), MBL Infrastructure (Rs 1,642 crore) and Soma Enterprises (Rs 4,492 crore). Other companies include Sugars, Shakti Bhog Foods, PC Jeweler Limited and Panipat Jalandhar NH-1 Tollway.
As per the proposal, NARCL will acquire the property under a 15:85 structure in which 15% consideration will be paid and the remaining 85% in the form of Security Receipt (SR). NARCL will encash 85% of SR issued to banks as it is backed by government guarantee.