In the previous fiscal 2011-12, 87 cases (then a record) with an aggregate debt of about Rs 68,000 crore (over USD 12 billion) were referred for corporate debt restructuring.
The amount of such distressed debt had grown nearly three-fold from Rs 23,000 crore in 2010-11, while the number of cases also grew sharply by 78 per cent.
As per the CDR data, a total of 50 cases involving an aggregate debt amount of Rs 40,000 crore were approved during 2011-12. In comparison, a total of 27 cases with Rs 7,000 crore were approved for CDR exercise in 2010-11.
During the fiscal ended March 31, 2010, a total of 31 CDR cases were approved for debt of Rs 18,000 crore.
Experts say that rising number of CDR cases does not augur well for the banking sector, as also for corporates.