The bank has set the reserve price at ₹143 crore, which is lower than the previous quarter's price of ₹160 crore. Additionally, debts of six other companies with total outstanding of ₹300 crore, including exposures to Asian Colour Coated Ispat Limited (ACCIL) and SDB Developers, are also up for sale.
Union Bank has adjusted its price expectation, aiming for a 34% recovery instead of the earlier target of 40%. Interested bidders are required to submit expressions of interest by July 11, with the Swiss auction taking place on July 18, exclusively on a cash basis. The delay in resolving the debt issue has prompted the bank to sell off the debt. Visa Steel was admitted to the NCLT in November 2022 based on an application by Oriental Bank of Commerce.
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