The Corporate Debt Restructuring (CDR) mechanism is an organizational framework institutionalized for speedy disposal of restructuring proposals of large borrowers availing finance from more than one bank/ Financial Institution (FI). This mechanism is available to all borrowers engaged in any type of activity subject to the following conditions:-

(i) The borrowers enjoy credit facilities from more than one bank/FI under multiple banking/syndication/consortium system of lending.

(ii) The total outstanding (fund-based and non-fund based) exposure is ₹ 10 crore or above.

CDR system in the country has a three tier structure consisting of CDR Standing Forum and its Core Group, CDR Empowered Group and CDR Cell, which are housed in the Industrial Development Bank of India Ltd. Details of cases taken up for consideration by the CDR Cell and their disposal status during the period March 2010 to December 2015 are given in the table at Annexure.

Annexure

CORPORATE DEBT RESTRUCTURING CELL

PROGRESS REPORT

(As on Dec 31, 2015)

(Rs. in Crore)

Period	Total References Received by CDR Cell		Cases Rejected before Admission or Approval		Cases under consideration of CDR EG		Total Cases Approved
	(1)		(2)		(3)		(4)
	No. of cases	Aggregate Debt	No. of cases	Aggregate Debt	No. of cases	Aggregate Debt	No. of cases	Aggregate Debt
Mar-10	256	115990	32	7050	9	4641	215	104299
Mar-11	305	138604	42	9667	21	18023	242	110914
Mar-12	392	206493	59	20817	41	35161	292	150515
Mar-13	521	297990	87	36894	33	32083	401	229013
Mar-14	622	429989	111	57540	35	42005	476	330444
Sep-14	638	446156	121	65581	12	12968	505	367607
Dec-14	647	452940	122	65925	5	6130	520	380885
Mar-15	655	474002	125	70998	-	-	530	403004
Jun-15	655	474002	125	70998	-	-	530	403004
Sep-15	655	474002	125	70998	-	-	530	403004
Dec-15	655	474002	125	70998	-	-	530	403004

(Source: CDR Cell)

This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.

Corporate debt restructuring mechanism streamlines multi-lender restructuring and establishes a three-tier institutional framework for speedy case disposal. Corporate Debt Restructuring (CDR) provides an institutional mechanism to expedite restructuring proposals for borrowers financed by multiple banks/FIs; eligibility requires multi lender facilities and a specified exposure threshold. The CDR operates through a three tier institutional framework-the Standing Forum with its Core Group, the Empowered Group and the CDR Cell housed in IDBI-which manages intake, consideration and disposal. The CDR Cell reports periodic caseflow metrics (references received, pre admission rejections, matters under Empowered Group consideration and total approvals) with aggregate debt figures, as reflected in progress reports for March 2010-December 2015.