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A consortium of Asset Reconstruction Company of India (ARCIL) and Cerberus Capital has decided to back out from buying Yes Bank bad loans worth Rs 48,000 crore. According to media reports, bids have not been submitted from both of them in response to the offer of JC Flowers ARC. After the withdrawal of the consortium, it is now expected that Yes Bank will declare JC Flowers as the winner and transfer its bad loan of 48,000 crores to him. After this transfer, the bad loan in the balance sheet of Yes Bank will become zero.
Let us inform that a bid of Rs 11,183 crore was made by JC Flowers for Yes Bank’s bad loan, in response to which counter bids were invited till September 7. However, no official confirmation has been made in this matter. While Rahul Gupta, Chairman and CEO of JC Flower did not say anything in this regard, nothing has been said from ARCIL and Yes Bank also in this matter. The bad loans to be transferred to JC Flower include Yes Bank’s loans to Anil Dhirubhai Ambani, Acegroup and Radius Group. This loan has now turned into NPA.