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RattanIndia Power intimates of withdrawal of applications filed by lenders in NCLT

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Power announced that the applications filed by the consortium of lenders led by ('PFC'), against the Company and its wholly owned subsidiary Sinnar Thermal Power (earlier known as Nasik Power ), in the NCLT, New Delhi, pursuant to and in terms of the Reserve Bank of India's Circular on Resolution of Stressed Assets - A Revised Framework dated 12 February 2018 bearing reference no. DBR. No. BP.

BC.101/21.04.048/2017-18 ('12 February Circular'), has been withdrawn by PFC pursuant to the 12 February Circular being quashed by the recent judgment of the Hon'ble of

The Company is actively engaged with the lenders and is taking key steps to alleviate and address the challenges being faced by it, which include:

1. Amravati Thermal Power Plant: The Company is working with the lenders for a one-time settlement ('OTS') of its outstanding debts, which is currently at an advanced stage of discussions with the Lenders.

2. Nasik Thermal Power Plant: A resolution plan is being worked on jointly with the lenders. Moreover, on 30 April 2019, has issued a Letter of Intent for the purchase of 507 MW power from the The company anticipate executing the Power Purchase Agreement ('PPA'), in the near future.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 16 2019. 17:42 IST