AI approaches RBI with debt revamp plan

The much-delayed corporate debtrestructuring (CDR) plan of the ailing national carrier Air India got moving onTuesday with top honchos of the airline and SBI Caps, which has drafted theproposal, discussing the matter with the Reserve Bank.

The delegation was led by Air India Chairman and ManagingDirector Rohit Nandan, Aviation Secretary Nasim Zaidi and SBI Caps ManagingDirector and Chief Executive S Vishvanthan.

Sources said that the delegation would be making a CDRpresentation to the central bank.

The proposal, prepared by SBI Caps, has been pending sincelast October. The SBI Caps proposal was later vetted by foreign agency Deloitteearly this year. But since then the plan got stuck due to many reasons.

On October 28, a group of ministers meeting on the AI revampplan had asked the airline to get proposal vetted by RBI within a week.

The GoM had also deferred a decision on AI's ambitiousacquisition plan of 27 Boeing 787 Dreamliners and additional equity infusion tothe tune of Rs 6,600 crore to the outcome of the proposal from RBI.

"A report on the Air India debt restructuring preparedby the committee of officers will be reviewed by RBI within a week. Only afterthat will any decision be taken," Aviation Minister Vayalar Ravi had afterthe GoM meeting last week.