Lenders recommend debt rejig plan for RattanIndia's project

RattanIndia Power today said the joint lenders forum has submitted a corrective action plan as part S4A scheme to the overseeing committee, set up by the RBI, with regard to Amravati Thermal Power Project.
"...pursuant to a meeting of the Joint Lenders Forum (JLF), a corrective action plan as part of S4A scheme of restructuring has been recommended for the Amravati Thermal Power Project with effect from August 24, 2017," the company said in a filing to BSE.
Under the Scheme for Sustainable Structuring of Stressed Assets (S4A), the joint lender forum is required to obtain promoters personal guarantee before implementing the stress asset resolution plan.

"Further to the above, we wish to inform that subsequent to the conclusion of various studies, including the techno- economic viability study and the forensic audit, the JLF has, as the next step in the process, submitted the S4A scheme to the overseeing committee constituted by the RBI, for its consideration," the filing said.
The company said that it will keep the exchange and thereby the public, updated about further developments in the matter, as and when these happen.