The offer of upfront cash of ₹143 crore by ACRE equates to a recovery of 35%.ACRE was declared the successful bidder in the absence of counteroffers at the auction.The company, however, challenged the order in the appellate tribunal and obtained a stay from the Orissa High Court, halting the insolvency process.The move to sell their exposure to the steel company comes as banks seek to address recovery delays due to court interventions by the promoters.To exercise control over the debt resolution process in any company undergoing restructuring, an acquirer looks to own a minimum of 66% of the company's debt.
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