Yash Papers shares spiked nearly 15 percent intraday Friday on exit from corporate debt restructuring mechanism.
Ruia-controlled Essar Steel, which has debt of around Rs 23,000 crore on its books, is 30 days behind in its interest payment schedule due to a "liquidity stress" within the company, bankers familiar with the development told moneycontrol.com.
It is touted as India's most successful Debt Restructuring mechanism, but recent events beg the question – Does the CDR mechanism need reinventing?