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This is an archive article published on October 9, 2004

FIs clear BPL’s debt revamp

Indian financial institutions and banks led by ICICI Bank have cleared the corporate debt restructuring (CDR) proposal of Bangalore-based el...

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Indian financial institutions and banks led by ICICI Bank have cleared the corporate debt restructuring (CDR) proposal of Bangalore-based electronics firm, BPL Ltd.

Altogether 20 banks and insurance companies with an exposure of Rs 987 crore participated in the CDR proposal. Other 16 banks — who have exposure of Rs 481 crore — remained outside the CDR proposal.

FI sources said top BPL management on Friday clarified on all the issues which had held up the loan restructuring proposal of the company. Of the banks which particiapted in the CDR process, LIC, Bank of Rajasthan and Bank of India, UTI Bank and Indusind Bank have initiated legal action against BPL for defaulting on their loans.

One of the main conditions during the CDR proposal submitted by BPL was to drop the legal action against the company.

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