Lenders nominate a resolution professional to administer under stress Essar’s Mahan project
NEW DELHI: Lenders to Essar Power Mahan have nominated a resolution professional (RP) to manage the company’s affairs and are likely to approach the National Company Law Tribunal (NCLT) to kickstart insolvency proceedings against the thermal power producer, according to sources in the know.
The lenders that include ICICI Bank and Punjab National Bank NSE -0.46 % have picked Jet Airways’ current administrator Ashish Chhawchharia to manage the affairs of the Essar power plants located in the Singrauli district of Madhya Pradesh, sources said. Essar Power Mahan has power supply contracts with Essar Steel NSE 0.00 %.
