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    PTC India Financial Services to get ?125 crore from power plant resolution


    December 7, 2021 - Financial Services Monitor Worldwide

     

      PTC India Financial Services (PFS) on Monday said it will receive its share of around ?125 crore as part of the total resolution amount from one of its stressed loan accounts in the thermal power segment.

      The loan was given to a 2x600 MW coal power plant located at Cuddalore district in Tamil Nadu. The project has been implemented by IL&FS Tamil Nadu Power Company Ltd. (ITPCL), and PTC India Financial Services (PFS) had sanctioned a total loan of ?200 crore under consortium arrangement to ITPCL for implementing it.

      Presently, the IL&FS group is undergoing resolution under the provisions of Sections 241 and 242 of the Companies Act, 2013 and ITPCL has been classified as an Amber Entity or an entity that is not able to meet its entire obligations during the testing period (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 the stakeholders, including the consortium lenders of ITPCL, had decided for debt restructuring of ITPCL under a change in ownership scheme as per the extant RBI circular dated 7 June 2019 and directions of the NCLAT. Subsequently, a resolution plan was approved by the consortium lenders including PFS and presented to the NCLAT and as per the verbal hearing of the proceedings, it is understood that the appellate tribunal on its last hearing dated 1 December has accepted it, the lender said.

      As per the resolution plan, PFS is expected to receive around ?16 crore (based on payment schedule till Q3 FY 22 as per the resolution plan) shortly and balance amount of ?109 crore shall be received as per the approved repayment schedule under the said resolution plan," it said, adding that this would augment the liquidity position of PFS and also result in a reduction of its stressed assets portfolio.

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