 "Alarm bells for India Inc: CDR shoots to Rs 64,434 crore")
There’s bad news for corporate India, which has in financial year 2012 restructured debt at an alarmingly high level.
Nearly Rs 64,534 crore of debt was referred to the CDR (Corporate Debt Restructuring) cell in this period, and this number exceeds the combined debt referred to the cell over the past six years, CNBC-TV18’s Gopika Gopakumar reports.
The number of cases referred to the CDR has witnessed an eight-fold increase since 2008. A total of 84 loan applications worth Rs 64,534 crore were referred to the CDR cell in FY12 as compared to 49 cases in FY11 and 10 cases in FY08.
Of these 84 loan applications, 44 cases worth around Rs 39,000 crore were approved in FY12. Large cases include Rs 16,000 crore of GTL and its group companies, Rs 5,200 crore of four microfinance companies, Rs 7,800 crore of HCC and Rs 2,800 crore of Bharti Shipyard .
The woes don’t end there. Loan applications of approximately Rs 22,700 crore are waiting finalisation and may come up for approval in the next quarter.
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