PTC India Financial Services to get ₹125 cr from power plant resolution

The loan was given to a 2×600 MW coal power plant located in Cuddalore district of Tamil Nadu. The project has been implemented by IL&FS Tamil Nadu Power Company Limited (ITPCL), and PTC India Financial Services (PFS) had sanctioned total loan of Rs. 200 crore under consortium arrangement to ITPCL to implement this.

“At present, the IL&FS Group is undergoing resolution under the provisions of Sections 241 and 242 of the Companies Act, 2013 and ITPCL is classified as an ‘Amber’ entity or an entity which has been in its entirety during the trial period. is not able to meet the obligations (as defined by the NCLAT order dated 15 October 2018) but can only meet operational payment obligations and payment obligations to senior secured financial creditors,” it said in a statement. .

All stakeholders including ITPCL’s Consortium Lenders had decided to restructure the debt of ITPCL as per the existing RBI circular dated 7th June 2019 and change in ownership plan in accordance with the directions of NCLAT. Thereafter, a resolution plan was approved by the consortium lenders including PFS and submitted to the NCLAT and as per the oral hearing of the proceedings, it is understood that the Appellate Tribunal has accepted the same at its last hearing dated 1st December, the lender said.

“As per the resolution plan, the PFS is expected to receive approx. 16 crores (based on payment schedule by 3rd quarter of financial year 22 as per resolution plan) prompt and balance amount 109 crore will be received as per the approved repayment schedule under the said resolution plan,” it said, adding that this would enhance the liquidity position of PFS and consequently reduce its stressed asset portfolio.