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IL&FS resolution at end of the tunnel for Chenani-Nashri
The Economic Timesยท 2025-09-24 11:12
Group 1 - Creditors led by State Bank of India (SBI) are set to receive more than Rs 5,500 crore this month as the debt resolution for Chenani Nashri Tunnelway (CNTL) nears completion [7][6] - The resolution plan has been approved by the NCLT and NHAI, with the latest recovery exceeding the interim distribution of Rs 920 crore completed in April 2023 [7][8] - Secured creditors, including SBI, Deutsche Bank, Canara Bank, Acre ARC, and Union Bank of India, will receive their full principal dues, while unsecured financial creditors will receive approximately 97% of their dues [7][6] Group 2 - SBI is expected to receive about Rs 450 crore in repayments in addition to previous interim payments, while Deutsche Bank holds about 9% of the dues [2][7] - CNTL is one of the largest debtors of the infrastructure and financial services group that collapsed in 2018, which caused a funding crunch for non-banking financial companies (NBFCs) [6][7] - The company has around Rs 2,000 crore in cash collected in an escrow account, part of which will be distributed to lenders [8][7]