Banks led by Union Bank of India (NSEI:UNIONBANK) are set to put the more than INR 7,000 million debt owed to them by the iconic Sahara Star Hotel on sale, after the National Company Law Appellate Tribunal rejected a plea for initiating insolvency proceedings against the company last month. Banks are looking for buyers for the debt on an all-cash basis and an advertisement seeking initial bids is likely to be published on Saturday, people familiar with the development said.