Mumbai: The Committee of Creditors for IL&FS Tamil Nadu Power Company (ITPCL), a consortium of 17 banks led by Punjab National Bank, have turned down a proposal from the National Asset Reconstruction Co (NARCL) to acquire the debt of ₹9,000 crore and is moving ahead with a debt restructuring plan.
During a meeting held last week, the lenders’ committee rejected the government-backed bad bank’s offer, a source said.
