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Defaulters seek generous bailouts like Siva-IDBI Bank one-time settlement

That deal, approved by 90% of Siva Industries lenders, was signed as there were no other suitable offers; lawyers say it will set a bad precedent

IDBI Bank | insolvent companies | defaulters

Dev Chatterjee  |  Mumbai 

Defaulters seek generous bailouts like Siva-IDBI Bank one-time settlement

Taking a cue from C Sivasankaran-owned Siva Industries, which is getting a generous bailout from Indian lenders led by to get out of insolvency courts, other Indian promoters are also planning to make such applications, say lawyers. The one-time settlement, approved by 90 per cent of Siva Industries lenders, was signed this April as there were no other suitable offers on the table, say lenders.



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First Published: Sun, May 16 2021. 13:55 IST