Under the Cube deal, secured lenders would have gotten 97% restoration and unsecured lenders and operational collectors would get solely 36%. According to the proposal despatched by IL&FS to lenders, CNTL debt will probably be restructured efficient April 1, 2021, and the curiosity will begin from this date. The restoration for secured and unsecured lenders could be 100% and 90% respectively.
“We confirm CNTL is proposing a restructuring of debt, subject to applicable approvals (including NCLT decision on ongoing legal proceedings). This is in keeping with the new board’s continuing effort to ensure higher and faster resolution/recovery for all classes of stakeholders and lenders,” mentioned IL&FS spokesperson Sharad Goel.
According to sources, there’s giant money within the CNTL SPV, of greater than Rs 1,400 crore. So, it is now able to make giant money payouts. Lenders have declared the undertaking a non-performing asset and, given the moratorium imposed as a part of restructuring, will not be receiving any payouts. The main monetary collectors embody SBI, Canara Bank, IndusInd Bank and Standard Chartered Bank Singapore.
After the CNTL valuation was revised to Rs 5,226 crore, Cube wrote to the brand new board providing to marginally revise its earlier supply of Rs 3,900 crore and requested an extension of share buy timelines. Cube had additionally submitted its revised proposal to NCLT for approval, which was declined. If the lenders settle for the restructuring proposal, the SPV will turn into a worthwhile firm and may be monetised by means of the InvIT route.
The Chenani-Nashri undertaking — a single-tube bi-directional tunnel — cuts the journey distance between Jammu and Srinagar by about 40km and saves over two hours of journey time as it bypasses snow and landslide-susceptible areas. The tunnel was renamed after Shyama Prasad Mukherjee in 2019.