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Siva lenders to receive Rs 5 crore cash upfront, take 94% haircut

To receive Rs 318 crore of total dues amounting to Rs 4,863 crore

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International Asset Reconstruction Company (IARCPL) and Masdar Energy of UAE have taken over 40 per cent of the loans from the banks after the default, said a Siva group source

Dev Chatterjee Mumbai

3 min read Last Updated : Jun 17 2021 | 6:10 AM IST

Siva Industries and Holdings’ (Siva Industries’) lenders, led by IDBI Bank, have approved a one-time settlement proposal of the firm under which they will take home Rs 318 crore, with Rs 5 crore as upfront cash, out of the company’s total dues of Rs 4,863 crore. This amounts to a haircut of 93.5 per cent.

According to the proposal, the lenders will get Rs 313 crore, excluding the upfront payment, within 180 days of receiving the National Company Law Tribunal’s (NCLT’s) approval.

International Asset Reconstruction Company (IARCPL) and Masdar Energy of UAE have taken over 40 per cent of the

Topics : IDBI Bank Indian companies National Company Law Tribunal asset reconstruction companies Narendra Modi Insolvency and Bankruptcy Code

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