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

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

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.

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.

Related Stories

Gold Stories

Next Story
Products

Koemmerling opens Navi Mumbai experience centre

Koemmerling, a brand of the profine Group, has expanded its presence in the Mumbai metropolitan region with the opening of a new experience centre in Navi Mumbai and launched its Allure S46 minimal sliding door system for the Indian market.Located in CBD Belapur, the facility was inaugurated by Peter Mrosik, Owner and CEO, profine Group, along with Farid Khan, Chairman and Managing Director, profine India, and Kamal Bajaj, CEO, profine India.The company said the new centre will showcase its portfolio of uPVC and aluminium window and door systems to architects, developers and homeowners.The ina..

Next Story
Products

India's waterproofing market nears Rs 150 bn milestone

India's waterproofing industry is approaching a market size of Rs 150 billion and is expected to surpass the $2 billion milestone, according to speakers at the 2nd India International Waterproofers Conference & Expo 2026 organised by the Waterproofers Association of India (WAI) in New Delhi.The two-day event brought together more than 20 speakers, 55 international delegates and 53 exhibition booths, with discussions focusing on climate-resilient construction, advanced waterproofing technologies and international collaboration.Inaugurating the event, Durga Shanker Mishra, former Secretary, ..

Next Story
Real Estate

Dilip Buildcon Q1 FY27 Revenue at Rs 23.78 billion

Dilip Buildcon Limited reported consolidated revenue from operations of Rs 2,378 crore in Q1 FY27, along with EBITDA of Rs 429 crore and profit after tax of Rs 128 crore.Consolidated EBITDA margin stood at 18.1%, improving from 17.1% in Q4 FY26. On a standalone basis, revenue from operations was Rs 1,930 crore, EBITDA stood at Rs 199 crore and PAT was Rs 39 crore, with an EBITDA margin of 10.3%.The company’s order book stood at Rs 27,691 crore as of 30 June 2026, compared with Rs 28,830 crore as of 31 March 2026. Roads and highways accounted for 17.1% of the order book, irrigation and water ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement