IndiaCatalog.com
India News
Search Web Directory
News Home
NCLT no to Essar Power proposal to settle dues for Jharkhand unit
Posted on 31st May 2019
The National Company Law Tribunal (NCLT) has rejected the proposal of Essar Power Jharkhand to settle its dues to the lenders, led by ICICI Bank. The NCLT will take up the matter for further hearing on June 7.

ICICI Bank moved the NCLT in January 2018 to recover its dues. Essar Power Jharkhand owes creditors (operational and financial) a total of around `4,393 crore. As of June 2018, financial creditors claimed Rs 4,160 crore from the subsidiary of Essar Power, which is setting up a 1,200 MW coal-based independent power plant in Jharkhand.

The lenders had been trying to resolve the case outside the NCLT. However, they have not received any favourable response from bidders, leading to around six extensions in the final deadline.

The project was allocated two coal blocks — Chakla (83 MT) and Ashok Karkata (110 MT) — for the power project. The company also secured power purchase agreements (PPAs) with Jharkhand, Bihar and Noida Power for 450 MW, 300 MW and 200 MW, respectively.

However, challenges arose after the Supreme Court cancelled 204 captive coal block licences in September 2014, which led to the company losing the coal blocks. The project was declared a non-performing asset on September 30, 2016 and is part of the list of 34 identified stressed thermal power assets by the finance ministry.

The company’s imported equipment worth $285.5 million is lying at the Kolkata Port and bonded warehouse in Jharkhand since August 2011, as the consignments could not be delivered due to non-payment of the customs duty. Also, the company’s power purchase agreement signed with Bihar at tariffs of Rs 2.64 and Rs 3.48 per unit lapsed in early 2019.

Essar Power has invested around Rs 5,500 crore in the project, out of which, Rs 2,500 crore was infused as equity. The company required around Rs 4,000 crore more to complete the project, which it failed to secure.

Other major lenders to the project are the Power Finance Corporation and the Rural Electrification Corporation.

Related Companies: Essar Power Ltd.   

Other Latest News
Nirbhaya case: SC to hear curative petitions by two convicts on Jan 14
Posted on 11th January 2020

A five-judge bench of the Supreme Court will hear on January 14 curative petitions of two of the four death-row convicts in the Nirbhaya case.

A bench of Justices N V Ramana, Arun Mishra, R F Nariman, R Banumathi and Ashok Bhushan will hear the curative petitions filed by Vinay Sharma and Mukesh at 1.45 pm.


Goa police arrests 8 people with demonetised currency worth Rs 1.5 crore
Posted on 11th January 2020

Eight persons were arrested for allegedly possessing demonetised currency notes worth Rs 1.5 crore, Goa police said on Saturday.

The demonetised currency was seized during a routine search of vehicles at the Pollem border check post in South Goa on Friday, deputy superintendent of police (Canacona) Kiran Paudwal.


Illegal apartment complex in Kerala demolished; SC order implemented
Posted on 11th January 2020

A high rise apartment complex was brought down through controlled implosion method as authorities began implementing a Supreme Court order to demolish four illegal water-front structures in Maradu municipality here on Saturday.

The residential complex was demolished at 11.18 am.

The 60-meter high 19-storey building, known as "Holy Faith H20, was levelled in seconds in a spectacular implosion.


Panasonic Life to invest Rs 600 crore for electrical equipment near Chennai
Posted on 11th January 2020

Panasonic Life Solutions will invest Rs 600 crore in India, initially spending Rs 294.7 crore to set up an electrical equipment and wiring manufacturing plant in SriCity near Chennai.

The plant will start work by October 2021, becoming Panasonic’s eighth electrical equipment production base in India after facilities in north and west India.


Centre notifies Citizenship Act amid protests; SC to hear pleas on Jan 22
Posted on 11th January 2020

The Centre notified the Citizenship Amendment Act (CAA) on Friday. The notification comes nearly a month after Parliament passed it on December 11, and in the wake of sustained anti-CAA protests. The Supreme Court is set to hear petitions challenging the constitutionality of the law on January 22.

The Centre, by notifying the law, has indicated its resolve to implement it even as lawyers and retired judges, Opposition parties, activists, students and retired bureaucrats have criticised it as unconstitutional as it discriminates on the basis of religion.


» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for NCLT no to Essar Power proposal to settle dues for Jharkhand unit
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for NCLT no to Essar Power proposal to settle dues for Jharkhand unit

Most Read News

More India News

Photo Gallery

San Diego Zoo(15 Images) San Diego Zoo
Oka_Manasu(11 Images)Oka Manasu
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2020 IndiaCatalog.com
    All Rights Reserved
Privacy Statement