Union Bank of India has recently received binding bids for four stressed loans, totaling more than ₹520 crore, from ACCIL Corporation, SDB Developers, Jaypee Healthcare, and Gammon India. These loans were offered for less than half the value of the outstanding loans. The bids were made by ARCIL, CFM ARC, JC Flowers, and Omkara ARC. The highest offer was made for ACCIL Corporation, with a recovery rate of over 90%. JC Flowers ARC emerged as the frontrunner for acquiring the distressed loans of Jaypee Healthcare, while Omkara ARC is in contention for the acquisition of Gammon India’s loans. The bank will conduct a Swiss auction process on February 21, accepting a minimum bid at a 5% mark-up to the base bid. The auction follows the government bank’s decision to put 16 accounts on sale last month. These accounts, including the ones mentioned above, are loans that have not turned bad over the last several years. SDB Developers defaulted in 2019, Gammon India turned bad in 2013, and ACCIL Corporation faced financial distress in 2016. Union Bank of India’s gross NPA has improved significantly, standing at 4.83% as of December 31, 2023, compared to 7.93% in the corresponding quarter of the previous year.