NARCL begins process of buying bank NPAs; gives binding offer to IOB on Rainbow Paper

National Asset Reconstruction Company Limited (NARCL) has started the process of buying Non-Performing Asset (NPA) from banks, Zee Business has learnt through sources. Last week, Indian Oveseas Bank (IOB) received a binding offer from NARCL, Tarun Sharma reported citing his sources. 

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- The information has also been given to the Ministry of Finance about the asset takeover: Sources 

- NARCL has given a binding offer for Rainbow Papers: Source
-NPA account of Rainbow Papers is worth Rs 1136 Cr: Source
- Soon there will be an offer for 3-4 NPA accounts to the banks: Source
- The offer was given after gatherng all legal and financial information about it: Source  
- NARCL has to take 15 NPAs from the first 22 properties: Sources