In order to prevent Essar Steel from approaching
the corporate debt restructuring (CDR) cell, lenders to the company provided an further loan of Rs 6,000 crore. The company borrowed this amount at an interest rate of 12.50 percent. The Ruia-group firm would use around Rs 2,000-2,500 crore of the Rs 6,000 crore to repay group com
Tag: cell
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Banks may lend Rs 60 bn more to Essar Steel
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CDR cell refuses to take up Rs 70 bn loan recast plan of Electrosteel
Agency reports indicate that the CDR (corporate debt restructuring) cell refused to consider the CDR request of Electrosteel Steels for its Rs 7,000-crore loan. This is because the company did not adhere to the terms of the proposal, including fresh capital infusion and corporate guarantee that promoters are supposed to bring to the table. Therefore, the consortium of 27 banks dela
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Lanco approaches CDR cell to recast Rs 90 bn debt
In view of the challenging economic condition, Lanco Infratech approached corporate debt restructuring (CDR) cell to recast its Rs 9,000-crore debt. Of the Rs 9,000-crore debt, Rs 4,000-crore is fund-based exposure and Rs 5,000-crore non-fund-based.
The company is holding discussions with bankers in this rega
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AAI to execute Chennai, Kolkata airports’ PPP process
The Airports Authority of India has set up a cell to execute PPP process to operate and maintain airports at Kolkata, Chennai and other aerodromes as the Union Civil Aviation Ministry fast-tracking privatisation of management of the two major metro airports. The Key Infrastructure Development (KID) cell, which was in existence during the privatisation of Delhi and Mumbai airports, would handle the public-private partnership (PPP) process for Kolkata and Chennai airports, which are currently owne
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Ministry official suggests oversight mechanism for CDR
Commercial banks received a suggestion from Financial Services Secretary Rajiv Takru to have an independent oversight mechanism for considering cases under the corporate debt restructuring (CDR) cell. Takru suggested that the independent mechanism must not have any government representative or any serving banker, but some experts who can scrutinise from the correctness point of view whether the case refer