To speed up the debt resolution for the IL&FS group entity CNTL, the lenders led by State Bank of India (SBI) will meet shortly to evaluate and vote on the new resolution plan that the firm has proposed at a valuation of Rs 5,257 crore.

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CNTL, which owes a little over Rs 5,500 crore to the lenders, had entered into a share sale agreement with the Singaporean infrastructure major Cube Highways & Infrastructure in August 2020 for a Rs 3,900 crore-deal. However, the agreement lapsed last August following which the management appointed an external valuer.

At the new valuation of Rs 5,257 crore arrived at by the external valuer, the secured lenders would get 99.2 percent of their claims while unsecured ones will get 90 percent of their principal amount, a source in the know said.