Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
Lenders to Sintex Industries Ltd. rejected a debt restructuring plan by the company and intended to push it into bankruptcy, people familiar with the matter said.
According to the resolution proposal, the textile company will be able to service only 30 per cent of its ₹6,300 crore ($888 million) of bank loans, the people said, asking not to be named, as the information isn’t public. The plan also included infusion of about ₹200 crore into Sintex by two other yarn producers, the people said.
Indian banks, saddled with the world’s worst bad-loan ratio, have been struggling to recover money from delinquent borrowers amid a prolonged credit crunch and weakening economic growth. Though banks have been increasingly pushing more cases to bankruptcy, only 15 per cent of cases admitted to the insolvency courts have been closed through a resolution plan.
Banks to the company, led by Punjab National Bank, were expecting at least 50 per cent recovery on the loans and higher cash infusion, the people said. As the loans are already classified as soured, they will need to push the company into bankruptcy by January 3, failing which an additional 20 per cent provisions have to be set aside for the loan, the people said.
Representatives of Sintex and Punjab National Bank didn’t immediately respond to emails and phone calls seeking comment.
Care Ratings Ltd. and Brickwork Ratings Ltd. had cut the ratings of Sintex Industries to default in June, citing delays in repaying bank loans and debentures. The company had reported net losses for the last three quarters, exchange filings show.
Indian researchers are working on cells that can store more energy, last longer
To fix a broken bone, doctors often harvest another bone from the patient’s body or from someone else. It ...
Superconductors from IIScScientists at IISc Bangalore have invented a device with a nanocrystal structure ...
Engineering and construction giant L&T has won a licence from the Council of Scientific & Industrial ...
Will a stock continue its current trend or will it reverse? We tell you how you can read chart patterns to ...
Sensex and Nifty 50 saw selling interest on Friday and slumped; selling pressure could continue
Investors with a long-term horizon can consider this offer
Most AMCs have been sending out cryptic e-mails. We tell you how to read between the lines
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
Forget the tuna. The island nation will keep you full and happy with coconut, koftas and jasmine
This year, on Facebook, I saw that someone had posted a list of EASY RESOLUTIONS. I didn’t copy them down but ...
With strokes of quirky humour, Partha Pratim Deb uses pulp, terracotta, glass and discarded cloth to create ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor