Lenders disagree over Jindal India Thermal debt resolution offer
NEW DELHI: Jindal India Thermal Power’s debt resolution process has stalled as its 17-member lenders consortium has failed to reach a consensus on an offer from its promoters to repay Rs 2,450 crore, people aware of the matter said.
Some lenders in the consortium refused to sign an inter-creditor agreement that would have paved the way for the firm’s financial reconstruction, these people said.
The company owes banks Rs 7,000 crore. Opposing lenders — that mainly comprise private sector banks — are demanding better financial terms and want promoters to increase their offer to match existing thermal company valuations.
