The Rs.1,300-crore debt recast plans of Mumbai-based IT and BPO company Spanco is facing roadblocks with the lead banker, State Bank of India, not satisfied with the company?s proposed restructuring package, a banker close to the development said.

The company, which was referred to CDR cell on January 29 seeking easier loan terms and moratorium on repayment, has still not received the requisite mandate for an admission into the CDR. An admission into the CDR cell requires the approval of at least 75% of the lenders by value, and 60% by number.

Officials from Spanco were not available for comment. The CDR cell is expected to take up the case for another round of discussion at the end of March. According to analyst reports, the company is facing liquidity constraints owing to high working capital requirements and has failed to pay salaries to many employees. It is also said to be looking to sell equity to raise funds. For the October-December 2012 quarter, the company reported a net loss of R23.38 crore as compared to a R17.31 crore net profit in the corresponding quarter of the previous year.

The total income from operations for Spanco was down 44.5% year-on-year (y-o-y) to R259.25 crore at the end of the October-December 2012 quarter. In financial year 2011-12, the company reported a net profit of R34.5 crore with a total income of R971.72 crore.

As on December 31 2012, the promoters of the company, Kapil Puri and Kavita Puri, held about 38% shares in the company. Over 90% of these shares have been pledged with lenders. Some of the other main shareholders in the company include ICICI Bank and General Insurance Corporation . Spanco offers technology infrastructure services across government, power and telecom service providers. Spanco also has a presence in the BPO industry with clients across India, US/Europe, Middle East and African markets.

Loans worth a staggering R64,818 crore have been recast by the corporate debt restructuring (CDR) cell between April and February, a 105% jump over the previous year which witnessed a figure of R31,601 crore. In the 11 months to February, 117 loans worth R61,195 crore were sought to be recast, as compared to the 87 cases worth R67,088 crore that were referred in 2011-12.