According to the revised plan, promoter Naresh Goyal, his wife Anita Goyal and the directors nominated by the promoter would be asked to step down from the board, and the lenders, as part of the resolution process, will infuse around Rs 1,200 crore into the airline as emergency funding.
Terming his discussions as 'fruitful and productive', Modi said the discussions were wide ranging, covering the entire spectrum of the bilateral engagement.
The 'bad bank' -- which will help banks clear their balance sheets by transferring the NPAs to special purpose vehicles -- has been one of the most debated ideas for stressed asset resolution.
Additionally, promoter Naresh Goyal and Etihad Airways, which owns a 24 per cent stake in the airline, will infuse around Rs 2,000 crore into the airline, sources aware of the development said.
Banks are in need of government support to manage the stressed assets
The government, he said, has implemented 'bold reforms'.
The economy hasn't gathered even half the traction that some of us assumed it would just a year back.
Assessing the shape of the Indian economy just a couple of days ahead of the Union Budget for 2016-17, Saugata Bhatacharya, senior vice president and chief economist, Axis Bank, speaks about his budget wishlist and suggests measures that can help finance minister Arun Jaitley achieve the targeted fiscal deficit of 3.5 per cent of India's gross domestic product.
Budget will get a welcome reception from the international biz.
'We have to make doing business in India easier.'
'The finance minister and the government have met the immediate challenge. The wine this time is new and also in a new bottle, which, though not full, is less than half empty.'
Modi is optimistic that the reforms will be passed soon.
India Inc is encouraged by a determined Budget.
The government has taken a number of steps to address the situation faced by farmers.
The full transcript of the exclusive interview with Prime Minister Narendra Modi.
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