for Corporate Debt Restructuring (CDR) in calendar year 2012 as on September 30, involving a collective debt amount of close to Rs 64,000 crore, as per the data available with the CDR cell of bankers.
RBI had helped set up CDR system in 2001 to help the corporates facing financial difficulties due to "factors beyond their control and due to certain internal reasons."
Besides helping the corporates manage their huge debts, it also seeks to safeguard the interest of banks and financial institutions through restructuring of certain debt cases.
High interest costs, along with overall sluggishness in the domestic and global economies have made it difficult for the companies to meet their debt obligations -- resulting in a spurt in CDR cases and also increased NPA levels.
As per the latest data available with CDR cell, a total of 466 cases, involving total debt of Rs 2.46 lakh crore, have been referred to it since its inception.