ARCs Compete for ACCIL Corp's Debt with Jaipur Hotel Offers

13 Mar 2024 CW Team

Asset reconstruction companies (ARCs) are lining up for the bankrupt ACCIL Corp's ?270 crore debt in what is turning out to be a rare 100% recovery for banks. The asset in question is an ACCIL-owned hotel in Jaipur, which has been put on block by lenders to recover their dues.

Last month, Omkara ARC beat competitor Asset Reconstruction Company of India (Arcil) with a ?38 crore cash offer to Chennai-based Indian Bank in a Swiss challenge. Separately, Arcil has emerged as the preferred bidder to take over the ?113 crore debt owed to Union Bank of India, the lead lender in the case.

ACCIL Corp owns the 170-room hotel in Jaipur, which is being managed under the Holiday Inn franchise. Interest in the property is strong because it's a hotel in working condition in a city frequented by tourists. Besides the Indian Bank and Union Bank, other creditors to the company are the Central Bank of India and the Indian Overseas Bank (IOB).

Omkara's bid of ?38 crore for Indian Bank includes full principal payment together with some interest dues. Similarly, Arcil has also agreed to pay the full principal amount in its offer to Union Bank, which is the largest creditor in this case.

It is unclear as to what other lenders Central Bank and IOB are planning with their debt.

Real Estate

17 Sep 2025

Indian REITs Offer 6-7.5 per cent Yield, Surpassing Many Global Markets

Indian Real Estate Investment Trusts (REITs) are delivering average yields of 6–7.5 per cent for unitholders, outperforming many mature markets, including the US, according to a report by Credai and Anarock.Credai, the apex body of Indian real estate developers, and property consultant Anarock released the report Indian REITs – A Gateway to Institutional Real Estate at an event in India.Currently, India has five listed REITs – Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, Nexus Select Trust, and Knowledge Realty Trust. Nexus Select Trust pr..

Insolation Energy Wins 226 MW Solar Projects Under PM-KUSUM

Insolation Energy on Monday announced securing multiple solar projects totalling 226.45 MW, with an investment of Rs 7.5 billion, under the PM-KUSUM scheme. The orders were awarded to its wholly-owned subsidiary, Insolation Green Energy Pvt Ltd, by Jaipur Vidyut Vitran Nigam Limited for 20 sites and Ajmer Vidyut Vitran Nigam Limited for 115 sites, the company informed the exchanges.“The combined SPV solar power plants will total 226.45 MW under PM-KUSUM Component A, with the final levelised tariff at Rs 3.04 per unit for 16 sites, Rs 2.82 per unit for 5 sites, Rs 2.75 per unit for 53 sites, ..

Numaligarh Refinery Awards EPC Contract for Rooftop Solar Projects

State-owned Numaligarh Refinery Ltd. (NRL) has awarded a Letter of Award to Solarium Green Energy Ltd. for the rate contract covering the Engineering, Procurement, and Construction (EPC) of grid-connected rooftop solar PV projects at various locations. The projects fall within the categories of 51–200 kW and 201–1000 kW. Notable projects include a 140 kW rooftop solar plant at NRL Assam, a 760 kW plant at NRL Assam, and a 280 kW plant at NRL West Bengal.The supply order covers ex-manufacturing works and the dispatch price for plant and equipment for the 140 kW, 760 kW, and 280 kW rooftop s..