The Piramal Group announced that a binding bid had been received for the sale of Tridhaatu Realty from CFM ARC, ensuring a minimum recovery of 75% in the structured deal. CFM ARC proposed to pay Rs 4.5 billion for the Rs 6-billion bad loan in a 15:85 structure, with 15% in cash and the remaining in security receipts. It was explained that security receipts (SRs) are quasi debt instruments paid to the lender by ARCs as they are recovered. It was further revealed that Piramal planned to conduct a Swiss Challenge on the initial offer and would make an announcement soon. Notably, HDFC had previously sold a real estate developer portfolio, including Tridhaatu Realty, to Assets Care and Reconstruction Enterprise (ACRE) ARC. In the preceding month, Piramal had successfully sold bad loans worth Rs 5.31 billion to the Advantage Raheja group. This portfolio included properties like the JW Marriott facility in Bengaluru, and they were acquired by Omkara Assets Reconstruction. Despite attempts to seek comments, spokespersons of Piramal and CFM ARC did not respond to requests for comment. It was highlighted that Piramal Enterprises and its subsidiary, Piramal Capital & Housing Finance, had been actively seeking bids for their real estate portfolio to sell off bad loans over the past few quarters.