Core Insights - IDRCL has successfully redeemed security receipts (SRs) for two companies, Metenere and Helios Photo Voltaic, marking its first resolutions since operations began in 2022 [9] - The total recovery amount distributed among banks from these cases is approximately Rs 330 crore [9] Group 1: Metenere Case - IDRCL acquired Rs 4,879 crore of total debt in Metenere for Rs 257 crore, resulting in a 95% haircut [5] - A final resolution plan of Rs 295 crore was achieved through competitive bidding, leading to a recovery of Rs 251 crore distributed to banks [2][9] - Major beneficiaries of the recovery include State Bank of India (38%), Bank of Baroda (16%), and Punjab National Bank (11%) [9] Group 2: Helios Case - NARCL acquired Rs 2,058 crore of debt for just Rs 62 crore, resulting in a 97% haircut [6][10] - The recovery amount for Helios was Rs 92 crore, which is 4.5% of the total debt [6][10] - Major beneficiaries in this case include Punjab National Bank (75% of the debt) and State Bank of India (20%) [10] Group 3: Operational Context - NARCL and IDRCL were established to address complex recovery cases that traditional banks struggled to resolve [7][10] - Legal complexities, such as lifting a Supreme Court stay and initiating a new insolvency process, were significant challenges in the Helios case [7][10]