NuPower Renewables, a company owned by Deepak Kochhar and in the maelstrom of a cash-for-loans scam at ICICI Bank, has defaulted on bank loans for the financial year ended March 2021. The company dodged paying its principal amount and has held non-receipt of dues from Maharashtra State Electricity Distribution Company (MSEDCL) for the default.
NuPower, accused of receiving Rs 64 crore in ‘kickbacks’ from Videocon Industries in lieu of an ICICI Bank loan of Rs 1,865 crore, reportedly had only Rs 37 lakh in cash as on December 31, 2020, against debt servicing of Rs 13.63 crore, said a banking source.
