Canara Bank, based in Mumbai, is seeking expressions of interest for a distressed loan amounting to ₹509.37 crore (approximately $61 million USD) owed by Rajesh Exports, a prominent jewellery manufacturer. As the sole creditor, Canara Bank has initiated this process while awaiting directions from the National Company Law Tribunal (NCLT) regarding its bankruptcy petition filed in August 2024. Rajesh Exports, incorporated in 1989 and headquartered in Bengaluru, has been facing financial difficulties since 2022. The bank plans to gauge investor interest this week, and if favorable responses are received, it will proceed to a bidding process to identify an anchor bidder. This anchor bid will serve as the basis for a Swiss Challenge auction, allowing other bidders to match the offer. The bank aims to expedite the sale to avoid protracted litigation following the company's challenge to the bankruptcy plea.