The digital economy -- the digital infrastructure, e-commerce and other digital payments and services segments--can be the country's biggest growth-driver and can contribute as much as 25 per cent of the incremental GDP by the time India becomes a$7-trillion economy by FY29. Currently, the share is a low 4 per cent, Kamath told PTI in an interaction over the weekend.

The offer from ACRE, an asset reconstruction company, is at the reserve price set by the bank and equates to a recovery of 33 paise on outstanding loans for the country's largest state-run lender by assets, the people said.

Higher share of cash transactions, better-quality assets, and quicker implementation of resolution has meant that the majority of SRs (61%) are higher rated versus 40% in 2016.

The Mumbai-based non-banking finance company (NBFC) has also offered an additional upfront payment of ₹250 crore over and above its original amount of ₹3,240 crore in a petition filed before the court. The next date for the hearing is set for February 28.

The settlement terms are unknown but Peninsula Land will have to meet certain payment milestones as the withdrawal of the insolvency petition is conditional. Peninsula Land and ICICI Prudential did not respond to queries until press time.

"This part prepayment is from the existing cash balance and funds generated from the business operations," the spokesperson said in an email repose late on Monday.

Lenders of Anil Ambani-promoted Reliance Capital had moved the NCLAT (National Company Law Appellate Tribunal) challenging an order of the NCLT which restricted further auction of the bankrupt firm.

The Enforcement Directorate (ED) probing the case has accused Aggarwal and his companies of causing loss of over Rs 2,000 crore to IL&FS Financial Services (IFIN), a subsidiary of the beleaguered NBFC.