The approval for NARCL's Rs.270-crore offer to settle Essel Infraprojects' Ludhiana-Talwandi Toll Road (LTTRPL) debt of Rs 9.88 billion by all six creditors was confirmed after no competing bid was received for the government-backed bad bank's offer in April. It was stated by sources familiar with the process that an assignment agreement is being prepared by the lenders to finalise the transaction, which is anticipated to mark NARCL's inaugural acquisition for this fiscal year. One of the individuals mentioned that all lenders have endorsed the transaction due to the absence of any competing bids. Final paperwork is being prepared, and an agreement is expected to be signed this month, following which the debt will be transferred to NARCL, said the source. It was noted that NARCL's offer adheres to its usual structure, wherein 15% of the consideration is in cash, and the remaining amount is in security receipts, payable upon recovery, with government guaranteeing the same. A second source, familiar with the details, commented, This transaction is likely to be the first to conclude this fiscal year, as no transactions were completed in April and May. The Ludhiana Toll Road project, aimed at constructing a 78-km four-lane stretch of the National Highway-95 between Ludhiana and Talwandi Bhai in Punjab by September 2014 under a concession agreement signed by NHAI in March 2012, valid for 29 years, turned into a non-performing loan due to project delays. PNB, with an outstanding debt of Rs 2.64 billion, leads the lenders. Other lenders include Central Bank, Indian Overseas Bank, Bank of Baroda, Canara Bank, and IIFCL. NARCL has acquired 18 stressed accounts with an aggregate debt of Rs 925.10 billion by the end of fiscal 2024. It is estimated that another 24 accounts, totaling Rs 760 billion, are in the pipeline for acquisition in the current fiscal. However, progress has been sluggish, given that this is the first instance of a government-backed bad bank commencing operations in India.