NARCL completes fifth exit with Rs.575-Cr recovery

Mumbai-based National Asset Reconstruction Company (NARCL) has completed its fifth successful exit from a stressed-loan account, recovering more than Rs 575-Cr from the resolution of aroma ingredients maker Agson Global . The transaction enabled NARCL to fully redeem the security receipts (SRs) held by lenders and distribute an additional sum of nearly Rs 200-Cr to the banks.Agson Global was admitted to insolvency proceedings by the National Company Law Tribunal following a petition filed by Indian Bank. NARCL acquired the company's debt at a discount and subsequently facilitated a recovery process that exceeded its initial recovery cost of approximately Rs 360-Cr.The resolution was supported by a refinancing transaction arranged by the Neo Group, with funding exceeding Rs 300-Cr. Prior to this, Agson Global carried a total debt outstanding of over Rs 2,000-Cr. NARCL has previously exited from other stressed accounts, including Wind World India, Metenere, Helios International, and SSA International.