AI meets RBI with much-delayed CDR proposal

The much-delayed corporate debt restructuring (CDR) plan of the ailing national carrier Air India got moving today with top honchos of the airline and SBI Caps, which has drafted the proposal, discussing the matter with the Reserve Bank this evening.
The delegation was led by Air India Chairman and Managing Director Rohit Nandan, Aviation Secretary Nasim Zaidi and SBI Caps Managing Director and Chief Executive S Vishvanthan.
Sources said that the delegation would be making a CDR presentation to the central bank.
However, a senior SBI Caps official told PTI outside the RBI headquarters prior to the meeting, "We are meeting the Governor (Duvvuri Subbarao) and the Deputy Governor (Anand Sinha). We are paying a goodwill visit and not making a CDR presentation per se to them today."
The proposal, prepared by SBI Caps, has been pending since last October. The SBI Caps proposal was later vetted by foreign agency Deloitte early this year. But since then the plan got stuck due to many reasons. On October 28, a group of ministers meeting on the AI revamp plan had asked the airline to get proposal vetted by RBI within a week.
01/11/11 PTI/moneycontrol.com

To Read the News in full at Source, Click the Headline

Categories: Air India Nov 2011