Jaiprakash Power Ventures to exit insolvency process
NEW DELHI: Jaiprakash Power VenturesNSE 2.78 %’ lenders, led by ICICI BankNSE -0.72 %, have restructured its debt by converting much of it into equity or convertible instruments, and approached the National Company Law Tribunal (NCLT) to withdraw their application for starting of bankruptcy proceedings.
The outstanding debt of the Jaiprakash Associates group company has reduced to less than Rs 6,000 crore, from more than Rs 11,000 crore, following the restructuring. The terms involve an interest write back of about Rs 2,000 crore that will help the company report a net profit this fiscal, people in the know said.
ICICI Bank, which had filed for initiating proceedings under the Insolvency and Bankruptcy Code against the company in 2018, last Friday moved an application before the Ahmedabad bench of NCLT for its withdrawal.
