The restructuring of banks’ Rs 4,000-crore loan exposure to Winsome Diamonds & Jewellery will be taken up at the next meeting of the empowered group of the Corporate Debt Restructuring (CDR) Cell.
Though at Thursday’s meeting all lenders barring one had indicated their willingness to explore the recast option, bankers deferred a decision as they wanted 100 per cent agreement, said a senior bank official.
With standby letters of credit (SBLC) extended to the company being invoked by overseas banks and getting devolved on domestic lenders as funded exposure, the need for recast has assumed urgency.
The outcome of the forensic audit relating to SBLC will determine the way forward for the recast.