The Consolidated Committee of Creditors (CoC) of twin Srei companies may take two-three days to select the resolution plan from among three bids for the Kolkata-based NBFC entities, a senior official said on Friday.
The Consolidated Committee of Creditors (CoC) of twin Srei companies may take two-three days to select the resolution plan from among three bids for the Kolkata-based NBFC entities, a senior official said on Friday.
The Reliance Capital's Committee of Creditors (COC) met on Friday and finalised the process and rules for conducting an e-auction for the bidders.
Industry experts say that in the last two years, more than 300 such engagements have taken place in one or more facets of value creation, including business repositioning, revenue enhancement, cost transformation, capital efficiency, and system or process reconfiguration.
Pristine Malwa proposed a ₹521-crore resolution plan, which includes payment to lenders, employees, and cash in the company. The offer equates to 30% recovery for verified creditors.
Higher gold prices propel small businesses and businesses from the unorganised segments to seek gold loans to meet their working capital requirements.
The portfolio size of NBFC-MFIs has grown nearly 7% quarter-on-quarter to Rs 101678 crore at the end of September, which is 37.53% of the total microfinance market. In contrast, banks engaged in microfinance saw their total microfinance portfolio shrink 0.45% quarter-on-quarter to Rs 97998 crore, accounting for 36.18% of the market.
Infrastructure finance firm IL&FS said it has resolved its debt of up to Rs 56,943 crore by September 30, 2022 through monetisation of various assets and reduced the number of entities to 101 from 302. The debt-ridden firm informed about the progress made in the ongoing resolution process till September 30, 2022 in an affidavit filed before the National Company Law Appellate Tribunal (NCLAT).
The decision was in line with the company's plan to focus on consumer & MSME financing. The Poonawalla Fincorp board approved the deal Wednesday.
IL&FS had defaulted on payments in 2018. The financial crisis at the non-bank finance group came to light in July that year, when its roads subsidiary ITNL reported difficulties in making repayments due on bonds. The government then replaced the company's board with members nominated by it. The companies are facing probes over alleged financial irregularities by their past management and executives.