Nirmal Gangwal, founder and managing director at Brescon Corporate Advisors, a company that advises clients on turnaround plans, said CDR data does not present a clear picture of stressed corporates as recasts are still continuing through the joint lenders forum (JLF) route. “It’s wrong to say recasts have dried up, as banks are resorting to JLFs to decide on faster recast approvals,” he said.
