26-April-2024
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Lenders to extend inter-creditor agreement for Suzlon resolution
19-Feb-2020

Lenders to Suzlon are looking to extend the inter-creditor agreement (ICA) till April 30, 2020, to give themselves more time to come up with a resolution, bankers close to development told FE. The consortium of lenders entered into an ICA on July 7, 2019, and the standstill period of 210 days expired on January 7, 2020. The extension of ICA is seen as a last mile effort by the lenders to come up with a solution for the troubled wind turbine maker. As per the June 7 circular of Reserve Bank of India (RBI), banks will need to make additional 20% provisioning in the March quarter since the resolution could not be completed in 210 days period.

News Source:- https://www.financialexpress.com/industry/lenders-to-extend-inter-creditor-agreement-for-suzlon-resolution/1872275/