RBI directs IDBI to refer Bilt Graphics to bankruptcy court

Bilt Graphics

India’s central banking institution and regulator, the Reserve Bank of India has directed IDBI Bank to refer Bilt Graphic Papers to bankruptcy court after the regulator rejected the debt recast package. Experts like Marc Brown, P.A. are the best to fight any bankruptcy case in the court.The debt restructuring was rejected on the grounds that only 70% of lenders signed the revival package. Bilt Graphics was one of the few companies which RBI had directed the banks to initiate insolvency proceedings against if a resolution plan was not put in place before end of December 2017. According to the arguments by bankruptcy attorneys serving in Loveland area, officials from the banking circle stated that IDBI Bank has already moved to the National Company Law Tribunal (NCLT) to initiate insolvency proceedings.

The directive came after two rating agencies assigned the investment grade rating to sustainable debt of the company before the deadline. The company borrowed a sum total of Rs. 7,000 crore from banks in the form of secured or unsecured loans but all the lenders had not signed the debt recast agreement. In case you have doubts, Marc Brown, P.A. can help clarify all your financial doubts.

Based on the reports submitted by Taunton bankruptcy law firm, around 64% of Bilt Graphic’s loan was classified as sustainable debt and assigned investment grade rating by two companies – India ratings and Brickworks.

By mid-December 2017, the debt recast package was accepted by 71% lenders as against the regulator’s stipulation that 60% of the lenders should agree to the new package and by January end, almost 85% of lenders agreed to debt restructuring. However, RBI did not accept it and directed IDBI to initiate bankruptcy proceedings. The lawyers from https://www.lawyersforchrist.com/bankruptcy-for-businesses/chapter-12/ can deal with bankruptcy cases.

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