The National Asset Reconstruction Company Ltd (NARCL), the government-backed bad loan aggregator, has raised its offer to acquire Jaiprakash Associates' (JAL) debt to Rs 120 billion. This new bid comes even as JAL's appeal against its insolvency admission is pending with the National Company Law Appellate Tribunal (NCLAT). NARCL's revised bid, up from an initial Rs 100 billion in March, follows a recent valuation of JAL’s Rs 540 billion debt. According to sources, the revised offer includes an upfront payment of Rs 18 billion (15%) in cash, with the remaining 85% in security receipts guaranteed by the government and valid for five years. The updated proposal was submitted just before Diwali, after NARCL completed its valuation, now with more clarity on creditor claims. However, banks, including major creditor State Bank of India (SBI) with Rs 155 billion and lead lender ICICI Bank with Rs 105 billion in claims, have yet to discuss the new offer. Both banks are also conducting independent valuations to guide their negotiations with NARCL. JAL’s assets include cement plants, real estate near the Yamuna Expressway, hotels, EPC operations, power plants, and the Buddha International Circuit. This insolvency case, which began after a 2018 plea by ICICI, has faced extensive delays due to litigation from JAL's promoters. NARCL’s offer could expedite resolution by consolidating debt under one entity, potentially overcoming the protracted negotiations typically involved in multi-creditor cases. This offer coincides with NCLAT’s pending decision on JAL’s appeal against the National Company Law Tribunal’s (NCLT) June ruling to initiate insolvency, which itself followed a six-year delay since ICICI’s original filing. (ET)