The Reserve Bank of India through a circular dated 8 June introduced a strategic debt restructuring (SDR) scheme. The scheme empowers banks to convert their outstanding loans into a majority equity stake in the borrower company if the requisite milestones for recovery of a loan are not achieved as per the restructuring package envisaged in the joint lenders forum (JLF) agreement. Details of the scheme are as follows:
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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.
