A majority of the lenders have signed an agreement to restructure the ₹9,000-crore debt of IL&FS Tamil Nadu Power Company (ITPCL), allowing them to distribute the ₹3,134 crore cash in the company as early as next week after the board of the debt-laden financial and infrastructure conglomerate gave its approval, people familiar with the process said.
The master restructuring agreement (MRA) was approved by a majority of lenders last week. This envisages a loan repayment schedule up to March 2038 and redemption of non-convertible debentures (NCDs) by March 2040.
