Cos tap CDR cell to rejig Rs 52k-cr loans in Apr-Nov
Bankers say requests continue to pour in: the CDR cell received requests worth R3,000 crore in November from six companies requesting easier terms. Among these are Parabolic Drugs, Jai Hind Projects and Biltube Industries.
In 2011-12, R39,300 crore of loans were restructured as companies sought easier repayment terms from banks. October saw the largest quantum of referrals so far in 2012-13 at about R14,000 crore; in September, loans worth R7,000 crore were brought to the CDR cell.
The central bankís new guidelines on restructured assets, based on the recommendations of the Mahapatra Committee, are expected in end-January. The panel has suggested that promoters make a bigger sacrifice to the tune of 15% of the fall in fair value or 2% of the restructured amount, whichever is higher. The RBI group also feels the conversion of loans into preference shares of the company should be done only as a last resort and conversion of the part of loan into preference shares must be capped at around 10%.
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