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Bank of India (BoI) was the last bank to give its consent for the transfer of the debt to Rare late last month, following which the process for the transfer of the debt has been initiated, three people familiar with the development said.
Rare Asset Reconstruction Company plans to become the top lender by buying Cafe Coffee Day chain operator's loans. Rare ARC is said to have offered to pay upfront 60-65% of the outstanding dues. Last week, Rare ARC acquired a loan of Coffee Day Global worth Rs 110.4 crores for Rs 68 crore. CCD has a debt of Rs 960 crores as of 2022.