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 ...
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