Mumbai: Lenders led by the State Bank of India have sought approval from the Reserve Bank of India to sell the ₹18,000 crore debt of realty company Jaiprakash Associates (JAL) to the National Asset Reconstruction Company of India (NARCL), said people with knowledge of the matter.If the RBI approves the deal, it will become NARCL’s largest acquisition of the debt of a single company, with an offer of ₹10,000 crore to the lenders.RBI’s approval is a condition precedent set by NARCL to acquire JAL’s loans, one of the people said. Lenders are seeking approval because in 2017, soon after the Insolvency and Bankruptcy Code (IBC) was enacted, the RBI directed banks to refer 28 companies,…
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