Last December, IL&FS proposed a debt recast for Chenani Nashri Tunnelway Ltd (CTNL), after a ₹3,900 crore deal to sell the special purpose vehicle to I Squared Capital's Cube Highways did not fructify, the people said. IL&FS wanted Cube to improve the offer after signing the agreement, they said.source https://economictimes.indiatimes.com/industry/banking/finance/banking/secured-lenders-reject-ilfs-jammu-tunnel-debt-recast-plan/articleshow/89836312.cms
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