Religare Finvest proposes a resolution plan for Rs 5,852 crore of debt

Religare Finvest has proposed a resolution plan for its Rs 5,852 crore of debt. The aim is to restructure the dues to enable the lenders to keep the account classified as a standard one. 

If approved, this would be the first such recast plan for a non-banking financial company under the RBI’s Prudential Framework for Resolution of Stressed Assets of June 2019, said Sanjay Palve, chief executive at Religare Finvest.

According to the plan, of the Rs 5,852 crore, around Rs 2,700 crore is sustainable debt and will be serviced by the SME portfolio. For the unsustainable debt (both components are secured),