Religare Finvest Ltd is gearing up for new business after its debt restructuring plan was approved by a consortium of 18 lenders led by SBI, Religare Enterprises chairperson Rashmi Saluja said.

RFL, an NBFC arm of Religare Enterprises Ltd, has been barred from undertaking fresh business as it is under the corrective action plan (CAP) of the RBI since January 2018 because of its weak financial health.

In line with the debt restructuring plan, Saluja said the company paid Rs 400 crore to lenders on March 31, 2021.

“The debt restructuring plan should see the light of the day in two months. This time Religare Enterprises Ltd (REL) itself is proposing the plan in which case we may not need the ‘fit and proper’ approval of the RBI as REL is a registered entity with the RBI,” she said.

The earlier DR plan was rejected by the RBI in March 2020 as the suitor — TCG Advisory Pvt Ltd, a part of The Chatterjee Group — for RFL was not found to be “fit and proper” by the regulator.

Once the latest debt restructuring is done, she said, the next process would be to approach the regulator to consider removing the company from the corrective action plan. RFL has repaid around Rs 7,500 crore since 2018, she said, adding that the company is pursuing recovery cases, including Lakshmi Vilas Bank (now DBS India).

The court has given DBS India notice by making them a party which makes the company hopeful of realisation of money, she said.