PFS approves resolution of IL&FS Tamil Nadu Power Company

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.

It is pertinent to mention that out of total outstanding of Rs 224.95 crore comprising principal Rs 183.84 crore and interest Rs 41.11 crore, PFS had already made provisioning of Rs 66.39 crore as on period ended September 30, 2020, it added..