{"id":276998,"date":"2019-06-01T05:30:23","date_gmt":"2019-06-01T05:30:23","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=276998"},"modified":"2019-06-01T05:41:05","modified_gmt":"2019-06-01T05:41:05","slug":"nclt-rejects-essar-power-jharkhand-ex-promoters-proposal-to-clear-dues","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/nclt-rejects-essar-power-jharkhand-ex-promoters-proposal-to-clear-dues\/","title":{"rendered":"NCLT rejects Essar Power Jharkhand ex-promoters\u2019 proposal to clear dues"},"content":{"rendered":"<p>he National Company Law Tribunal (NCLT) has rejected \u20b91,200-crore offer by former promoters of Essar Power Jharkhand Ltd (EPJL) for one-time settlement with the lenders and take the debt-ridden company out of insolvency proceedings.<\/p>\n<p>After the Committee of Creditors (CoC) of EPJL, in which ICICI Bank has over 90 per cent voting rights, declined the \u20b91,200-crore settlement proposal against a total debt ranging around \u20b95,600 crore, a two-member bench of NCLT headed by Justice MM Kumar rejected promoter\u2019s offer.<\/p>\n<p>\u201cA proposal made by the ex-promoter\/director pursuant to the direction issued on March 11, 2019 and subsequently clarified by filing one affidavit dated May 16, 2019 does not find favour of the ICICI Bank-Financial Creditor who constitutes 99.34 per cent voting share of the CoC,\u201d said NCLT. It further said: \u201cThere are plausible reasons given for not accepting the proposal. Accordingly, we are unable to accept any such proposal and the same is hereby rejected.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>he National Company Law Tribunal (NCLT) has rejected \u20b91,200-crore offer by former promoters of Essar Power Jharkhand Ltd (EPJL) for one-time settlement with the lenders and take the debt-ridden company out of insolvency proceedings. After the Committee of Creditors (CoC) of EPJL, in which ICICI Bank has over 90 per cent voting rights, declined the \u20b91,200-crore settlement proposal against a total debt ranging around \u20b95,600 crore, a two-member bench of NCLT headed by Justice MM Kumar rejected promoter\u2019s offer. \u201cA proposal made by the ex-promoter\/director pursuant to the direction issued on March 11, 2019 and subsequently clarified by filing one [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130],"tags":[],"class_list":["post-276998","post","type-post","status-publish","format-standard","hentry","category-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/276998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=276998"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/276998\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=276998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=276998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=276998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}