PTC India Financial services has approved the resolution of one of its stressed loan account in the thermal based segment namely IL&FS Tamil Nadu Power Company Limited - 2 x 600 MW imported Coal based Thermal Power Project at Cuddalore in the state of Tamil Nadu, India.
As per RBI circular dated 07 June 2019 and directives of Hon'ble NCLAT, following resolution has been approved by PFS in line with Lead Bank - PNB. The basic features of restructuring plan are listed below:
i. Sustainable portion (59.38%) of Rs.125.91 crores - proposed to be repaid in 70 structured quarterly instalments starting from December 2020 Quarter till March 2038;
ii.
Unsustainable portion (40.62%) of Rs. 86.14 crores - proposed that 0.001% NCD(B) shall be allotted to senior secured lenders for unsustainable portion and the same shall be redeemed in two annual instalments of 50% each in FY 2039 and FY 2040;
iii. Reversal of interest on unsustainable portion and reversal of differential interest on sustainable portion (for the period starting from the cut of date i.e. October 15, 2018 till proposed RP implementation date i.e. September 30, 2020) taking approved rate of interest @ 8.00% as per the resolution plan;
Post approval of the said resolution plan from NCLT/NCLAT, the loan account shall be classified under "Green" category from Amber category.
Out of total outstanding of Rs 224.95 crore (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 30 September 2020.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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