As economic conditions improve, a number of cash-strapped corporates seem to be on the road to recovery too.
According to sources in the know, as many as 25 companies that are undergoing restructuring through the corporate debt restructuring cell are set to complete the restructuring and leave the CDR cell by the third quarter.
Bankers say the total debt restructured for these companies is above Rs 20,000 crore. Companies like Nitin Spinners, Nagarjuna Fertilizers, India Cements and Gujarat Road and Infrastructure Company have completed the CDR exercise and started making operating profits and in the past few months.
The number of cases approved by the CDR cell for restructuring has gone up to 60, amounting to Rs 30,000 crore so far in FY13. Of this, 41 cases amounting to Rs 20,000 crore were approved in the first quarter.
Companies like Ind Swift Labs, Deccan Chronicle Holdings and Kamat Hotels have been referred to the CDR cell and are pending approval.
While some companies like Nitin Spinners BSE 5.26 % have voluntarily exited the CDR cell, others are yet to pay the stipulated recompense amount. Also companies like India Cements are making profits but refusing to make the recompense payments and leave the CDR cell. Emailed queries and phone calls to India Cements from ET NOW went unanswered. Via
According to sources in the know, as many as 25 companies that are undergoing restructuring through the corporate debt restructuring cell are set to complete the restructuring and leave the CDR cell by the third quarter.
Bankers say the total debt restructured for these companies is above Rs 20,000 crore. Companies like Nitin Spinners, Nagarjuna Fertilizers, India Cements and Gujarat Road and Infrastructure Company have completed the CDR exercise and started making operating profits and in the past few months.
The number of cases approved by the CDR cell for restructuring has gone up to 60, amounting to Rs 30,000 crore so far in FY13. Of this, 41 cases amounting to Rs 20,000 crore were approved in the first quarter.
Companies like Ind Swift Labs, Deccan Chronicle Holdings and Kamat Hotels have been referred to the CDR cell and are pending approval.
While some companies like Nitin Spinners BSE 5.26 % have voluntarily exited the CDR cell, others are yet to pay the stipulated recompense amount. Also companies like India Cements are making profits but refusing to make the recompense payments and leave the CDR cell. Emailed queries and phone calls to India Cements from ET NOW went unanswered. Via
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