Agson Global, a manufacturer of aroma ingredients, was admitted to insolvency proceedings by the National Company Law Tribunal following a petition filed by the erstwhile Allahabad Bank, now part of Indian Bank. NARCL, the state-backed "bad bank", had acquired Agson Global's debt at a steep discount, said one of the people cited earlier. The recovery enabled NARCL to fully redeem the security receipts (SRs) issued to lenders and also distribute an additional nearly Rs 200 crore to the banks.
NARCL has successfully completed its fifth exit, recovering Rs 575 crore from Agson Global, an aroma ingredients manufacturer. The state-backed "bad bank" acquired Agson Global's debt at a discount, allowing full redemption of security receipts issued to lenders. This recovery…
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