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Business News›Industry›Banking/Finance›Banking›NARCL progress hit on government
guarantee delay

THE ECONOMIC TIMES DAILY NEWSPAPER IS AVAILABLE ONLINE NOW.

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NARCL PROGRESS HIT ON GOVERNMENT GUARANTEE DELAY

SECTIONS
NARCL progress hit on government guarantee delay
By
Joel Rebello

, ET BureauLast Updated: May 02, 2023, 12:34 AM IST
Synopsis

"THE GUARANTEE IS A BIG ISSUE NO DOUBT BUT THE FACT OF THE MATTER IS THAT NARCL
HAS TAKEN TOO LONG TO CONDUCT DUE DILIGENCE AND MAKE CONCRETE OFFERS," SAID A
PERSON FAMILIAR WITH THE MATTER. "AND EVEN WHEN THEY HAVE MADE OFFERS, THOSE
HAVE BEEN TOO LITTLE FOR BANKS TO TAKE A CALL WHICH HAS MEANT AN UNECESSARY BACK
AND FORTH. ALL THESE FACTORS HAVE JEAPORDISED THE NARCL IDEA."

ET Bureau
Renewal of federal guarantees, which expired last fiscal, is delaying the
takeover of bad loans by the state-backed National Asset Reconstruction (NARCL),
said people familiar with the stressed-assets aggregator's operations. Bankers
said without the guarantee, the NARCL cannot complete the deals, some of which
have been pending since July last year. The government is pushing banks to offer
more loans for sale to NARCL.

"The government guarantee is what separates NARCL from other bad loan
aggregators but it is also a major cause for delays. The guarantee which was
issued last fiscal is not valid this fiscal and has to be revalidated in this
fiscal and that process has resulted in many deals getting stuck even as we have
already lost a month of the new year," said a person familiar with asset
transfers.

NARCL CEO N Sundar and a finance ministry spokesperson did not reply to ET's
request for comments. In January, the Centre approved a Rs 15,300-crore blanket
guarantee for the NARCL, clearing a major roadblock for the keenly awaited
transfer of doubtful advances to the state-sponsored bad bank. The guarantee,
valid for five years, is to be invoked by banks in case of resolution or
liquidation of the bad loan. It will cover the shortfall between the face value
of security receipts issued and actual realisation from the account when NARCL
finds a buyer.

So far, banks have completed the transfer of Rs 9,234 crore of Jaypee Infratech,
the Rs 614 crore transfer of solar company Helios Photovoltaic and Rs 530 crore
deal of rice exporter SSA International.

However, there are at least half a dozen other companies like the software
company Rolta India, which owes lenders Rs 5,712 crore, Dharani Sugars, which
owes lenders Rs 619 crore, and Rainbow Papers that owes banks Rs 1,136 crore.

"Some of these accounts have been awaiting completion for almost a year now with
Rainbow Papers, for example, in limbo since July last year when the NARCL made
its offer for the first time.

"The guarantee is a big issue no doubt but the fact of the matter is that NARCL
has taken too long to conduct due diligence and make concrete offers," said a
person familiar with the matter. "And even when they have made offers, those
have been too little for banks to take a call which has meant an unecessary back
and forth. All these factors have jeapordised the NARCL idea."

Delays in the government guarantee renewal are the latest among the challenges
facing the bad bank that started operations in January 2022.

In fact, State Bank of India (SBI) chairman Dinesh Khara had announced that
banks had agreed to transfer 38 NPA accounts worth Rs 82,845 crore to the NARCL,
15 of which worth Rs 50,335 crore were to be transferred before the end of fical
2022.

More than a year after the deadline expired, only about Rs 10,000 crore of
accounts have been transferred, a far cry from Rs 82,845 crore target set by
banks.

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