PFC completes successful resolution of Jhabua Power Limited
New Delhi: Power Finance Corporation Limited has successfully resolved yet another stressed project, 600 MW Thermal Power Project of Jhabua Power Ltd. situated in Madhya Pradesh. PFC is the largest lender to the project, which also has REC, SBI, Axis Bank, Bank of India, LIC, PNB, UCO Bank and Union Bank of India among its lenders.
The project was resolved through Corporate Insolvency Resolution Process (CIRP) mechanism, with ownership being transferred to a consortium of NTPC Ltd., PFC, REC and other lenders.
The project was handed over to the consortium on 05.09.2022 in the presence of Gurdeep Singh, CMD (NTPC), Ravinder Singh Dhillon, CMD (PFC), Parminder Chopra, Director (Finance) (PFC), Manoj Sharma, Director (Commercial) (PFC), Ramesh Babu V., Director (Operations) (NTPC), Chandan Kumar Mondol, Director (Commercial) (NTPC) and Abhilash Lal, the Resolution Professional (RP).
Commenting on the transaction, Sh. Ravinder Singh Dhillon, CMD, PFC stated that this is another step forward in PFC’s stressed asset resolution efforts.