MUMBAI: Large lenders to the debt laden DHFL group have agreed to sign an inter creditor agreement (ICA) on July 5 and consider a resolution plan for the beleaguered firm. The large banks have now agreed to sign the ICA which will form the basis of any restructuring plan. Banks have now decided to meet again on July 5 to sign the ICA. After these banks sign a common ICA, other lenders will be also be taken on board. It will take some time to finalise a concrete resolution plan,” said a banking executive.The June 7 RBI circular said the lenders will initiate a resolution plan even before a default.

Source: Economic Times July 01, 2019 16:30 UTC