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.
Read Also : NMDC delayed commissioning of its newly demerged steel plantNews Must Read
- NMDC delayed commissioning of its newly demerged steel plant
- Power ‘Mini Ratna’ NHPC reports Net Profit up by 8% of Rs 3834 cr during FY23
- Salim G. Purushothaman assumed additional charge of CMD, BCL
- Union Coal Minister Pralhad Joshi inaugurates 1st Mining Start Up Summit at IIT Bombay
- MOIL double its digit production target in FY’24; Reports 250.59 cr profit in FY23
- ISRO launches GSLV NVS-01 mission
- WAPCOS and NLCIL's strategic collaboration for various development projects
- DMRC to monitor old buildings while carrying out tunnelling work
- PFC Q4 FY’23 Results: Clocked highest ever consolidated profit with 13% increase of Rs. 21,179 cr
- India gets its new Parliament House; PM Modi installed Sengol with Nandi
.jpg)
.jpg)
