IL&FS Financial lenders reject UVARC's Rs.370-Cr offer

The committee of creditors (CoC) of IL&FS Financial Services, has rejected the offer of UV Asset Reconstruction Company (UVARC) to buy the former's assets. UVARC had offered to pay INR 370 crore for the INR 4,300-crore loan book. The CoC has communicated to the IFIN management that it should try to recover loans on its own rather than selling them to an ARC.