Lenders to GTL have agreed to a sale of assets of the company, which will be divided among them under an agreed formula. GTL will be able to sell its assets now, but the company will have to first get the consent of its corporate debt restructuring (CDR) lenders. Standard Chartered Bank Mauritius had filed a winding-up petition against the Manoj Tirodkar-promoted company in January 2015 for defaulting over dues of over Rs1,858 crore. However, GTL’s secured creditors comprising around 17 lenders including the Indian subsidiary of the Standard Chartered Bank challenged the winding-up petition arguing in any such event, they will have first right on the proceeds since they are secured lenders. An email query to IDBI Bank Ltd did not elicit any response, while Standard Chartered Bank declined to comment on the development.

Source: Mint March 19, 2018 18:54 UTC