PTC India Financial Services (PFS) on Monday said it has approved the resolution of one of its stressed loan accounts in the thermal-based segment — IL&FS Tamil Nadu Power Company Limited.
This 2 x 600 MW imported Coal-based Thermal Power Project is based at Cuddalore, in Tamil Nadu, PFS, a subsidiary of PTC India, said in a statement.
As per RBI circular dated June 7, 2019, and directives of National Company Law Appellate Tribunal (NCLAT), following resolution has been approved by PFS in line with lead lender Punjab National Bank (PNB), the company said.
“Post-approval of the said resolution plan from NCLT/NCLAT, the loan account shall be classified under ‘Green’ category from ‘Amber’ category,” it said.
