2.8% as on March 31, 2012.
As much as 15-20% of new referrals are cases seeking a second admission to the CDR cell. A second round of restructuring generally occurs when the first round of restructuring fails to help the company. It therefore requires further moratorium and debt infusion to revive the business.
If one were to include CDR cases previously restructured bilaterally between banks and corporates (outside the CDR cell), this would take the tally of cases seeking second restructuring to much higher levels. A recent note from brokerage firm Prabhudas Lilladher, which emerged after a meeting with the CDR cell, states that a large proportion (greater than 50%) of the incremental cases being referred now are second restructuring cases.
Between its inception in 2001 till the end of this financial year, the CDR cell will have successfully negotiated exits of 80 cases worth over Rs 60,000 crore. While there were 57 exits valued at Rs 43,077 crore till September this year, another 25 cases valued at close to Rs 18,000-20,000 crore are in the exit pipeline for the remaining two quarters of 2012-13.