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Haldia Petro referred to CDR Forum

KOLKATA AUG. 23. The much-awaited debtor-creditor agreement between Haldia Petrochemicals (HPL) and IDBI has been signed in Mumbai paving the way for the start of Corporate Debt Restructuring (CDR) process of the ailing company.

HPL sources told PTI that the agreement was signed yesterday by the Chief Executive, Swapan Bhoumick, on behalf of the company. In addition to this, HPL has also submitted a fresh restructuring proposal to the IDBI.

IDBI, the lead bank of the lenders' consortium to HPL, will now forward the proposal to the CDR Forum, which comprise representatives from financial institutions, banks, the Government and the Reserve Bank of India.

According to sources, once the company comes out of CDR, then the immediate impact will be on interest savings, which is considered to be substantial. The entire process would be completed within 90 days. — PTI

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