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Lyka Labs Limited announces Q1FY22 results
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NCLT poses tough questions to lenders and Siva Industries
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Siva lenders to receive Rs 5 crore cash upfront, take 94% haircut
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IDBI Bank settles loan with Aircel founder Siva © Provided by The Times of India
Mumbai: IDBI Bank has said that it has accepted the one-time settlement offer by Siva Industries’s promoters a part of Aircel founder C Sivasankaran’s group as it would lose more money otherwise.
IDBI Bank had initiated bankruptcy proceedings against Siva Industries in 2019. The loans were availed by a group company that later merged with Siva Industries. Sivasankaran is facing investigations by the authorities for causing a loss to banks.
According to banking sources, IDBI Bank has already written to the CBI, which has confirmed that commercial dealings will not affect the criminal investigation process.
C Sivasankaran is facing investigations by the authorities for causing a loss to banks
CHENNAI: IDBI Bank has said that it has accepted the one-time settlement offer by Siva Industries’s promoters a part of Aircel owner C Sivasankaran’s group as it would lose more money otherwise.
IDBI Bank had initiated bankruptcy proceedings against Siva Industries in 2019. The loans were availed by a group company that later merged with Siva Industries. Sivasankaran is facing investigations by the authorities for causing a loss to banks.
According to banking sources, IDBI Bank has already written to the CBI, whichhas confirmed that commercial dealings will not affect the criminal investigation process. “Recovery for the bank through one-time settlement will be higher vis-a-vis recovery through NCLT liquidation based on the valuation of assets available as security.