Lenders optimistic on recovery from Winsome Diamonds

After rating agencies downgraded the Rs 4000 crore Winsome Diamonds, lenders say payments could be delayed, but they are confident of recovering dues from the company.

VR Iyer, CMD, Bank of India, says, “We had lenders’ meetings twice during the last 15 days. A team of lenders are going to Dubai to check on the security aspect and also on payments. All banks have bills for collection, which are good. The payment may be slightly delayed, but we will certainly receive them. It is not an immediate concern, but definitely some amount of anxiety is there. The borrower has indicated full cooperation to us on regularising. Maybe that account can be up for restructuring. All of us have adequate securities and also bills for collection."