Another twist in the insolvency resolution process: A compromise deal of SBI with Anrak Aluminium

Posted On : February 01, 2018

The country's biggest lender State Bank of India has entered into a compromisedeal with Anrak Aluminium involving debt revamp and a haircut totalling more than two-thirds of the dues. For the matter of debt recast, lenders agreed to settle for around INR 1,300 crore, compared to the original claim of more than INR 4,000 crore. After the settlement was reached, Anrak Aluminium promoters made the initial payment of around INR 150 crore, as per the sources. SBI is learnt to have sealed this compromise deal at a joint lenders' meeting held recently but didn't update the banking regulator RBI while moving the National Company Law Tribunal at its directive.