Private asset reconstruction companies (ARCs) in India are now on an equal footing with the government-owned bad bank NARCL. This comes after private ARCs sought clarification on how to compute the net present value (NPV) based on the initial bid of ₹235.9 crore in the Dharani Sugars case. Banks responded by stating that the comparison value remains ₹235.9 crore, regardless of the payment structure. This allows private ARCs to value their bid at ₹235.9 crore on an all-cash basis or ₹331 crore using a cash to security receipt structure.