At a meeting held between ICICI, the company's operating agency, and other lenders, which included Standard Chartered Bank, IFCI, IIBI, Syndicate Bank, and ANZ Grindlays, SBI and IDBI, representatives said that relief and concessions sought by the management were much beyond the original scheme, and hence not acceptable. In July, the Delhi high court had directed ICICI to examine the updated scheme submitted by the company and to inform the court regarding its acceptability.

Subsequently, in the meeting held in September, the minutes of which were made available today, SBI and IDBI representatives also said that the updated scheme did not mention the value of Worli property of Metal Box as undertaken by HDFC.

Under such circumstances, they opined that it would not be possible to examine the updated scheme, unlessthe company provided details about the quantum of assets owned or taken on lease by the company.

According to sources, the banks' and institutions' representatives were of the feeling that the HDFC valuation of the Worli property was important for a proper evaluation of the updated scheme. While HDFC had valued the Worli property at Rs. 64 crore, the other valuer, SR Batliboi had fixed its valuation at Rs 43 crore. However, the HDFC valuation was important from the Maharashtra government's point of view. On the realisable value of the Worli property, the participants at the meet were of the opinion that the land be proportionately divided among the various institutions and banks to the extent of their settlement amount based on the security position.