Reliance Arc News Today

Reliance Asset Reconstruction Company has adopted the debt recovery platform developed by Credgenics, which offers ARCs comprehensive digital and insights-driven capabilities for efficient debt resolution in the retail and SME sectors. It provides detailed insights into overdue cases, empowering ARCs to reconsider debt recovery approaches, and incorporates AI/ML models for assessing communication efficiency and adjusting outreach strategies.

A division bench of the court had on August 2 told the lenders not to declare the winner of the Swiss auction until the next hearing scheduled for this month-end, but refrained from staying the loan sale process on a petition filed by Anil Ambani-promoted Vidarbha Industries, people aware of the court ruling said.

In its petition, Reliance ARC has raised concerns over the Swiss Challenge Auction process, according to a lawyer source. The concern is that when an ARC makes a bid to buy a troubled asset or a nonperforming asset (NPA), it automatically becomes an initial bidder and this gives the ARC the exclusive right to match any bid that comes in during the Swiss Challenge Process, the lawyer explained.

Banks led by Axis Bank have scheduled a Swiss Challenge auction to sell principal debt of ₹2,569 crore and $27.7 million in overseas currency loans of the distressed power company on August 8.