UV Asset Reconstruction Company submits bid to buy IFIN's bad loans

UV Asset Reconstruction Company (ARC) has submitted a bid to buy 62 non-performing accounts worth Rs 4,300 crore from IL&FS subsidiary, IL&FS Financial Services (IFIN).
 
According to the Reserve Bank of India (RBI) regulations, IFIN has initiated the Swiss challenge method to give an opportunity to the higher bidder of the earlier round, ARCIL, to match the fresh bid by UV ARC. The winner from the Swiss challenge is likely to be announced soon. The bids for IFIN’s bad loans sale had closed on Tuesday. The potential transaction would be conducted on a full upfront cash consideration basis.