PFC has successfully resolved stressed project, 600 MW (Jhabua Power Limited)
PFC completes successful resolution of Jhabua Power Limited , REC, SBI, Axis Bank, Bank of India, LIC, PNB, UCO Bank and Union Bank of India among its lenders.
New Delhi: On the basis of the press release issued by PFC claim that the Power Finance Corporation Limited (PFC) has successfully resolved yet another stressed project, the 600 MW Thermal Power Project of Jhabua Power Ltd., situated in the Seoni district of 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 the 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 Shri. Gurdeep Singh, CMD (NTPC), Shri. Ravinder Singh Dhillon, CMD (PFC), Smt. Parminder Chopra, Director (Finance) (PFC), Shri. Manoj Sharma, Director (Commercial) (PFC), Shri. Ramesh Babu V., Director (Operations) (NTPC), Shri. Chandan Kumar Mondol, Director (Commercial) (NTPC) and Shri. Abhilash Lal, the Resolution Professional (RP).