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SBI and PFC file petitions in NCLT against East Coast Energy

Power News - Published on Fri, 12 Jan 2018

Image Source: outlookindia.com
Economic Times reported that State Bank of India and Power Finance Corporation have filed separate petitions in the National Company Law Tribunal Hyderabad, urging it to declare East Coast Energy Pvt Ltd as bankrupt and to initiate insolvency resolution process under the provisions of the insolvency and bankruptcy code 2016.

While SBI is seeking nearly 1,000 crore with interest for its unrealised 750 crore loan, PFC is struggling to get back its 1,400 crore loan. VK Sajith, resident partner of India Law LLP law firm that filed the case at NCLT on behalf of SBI, confirmed the filing of the case.

It may be recalled that East Coast Energy's efforts to set up a 2,600 MW thermal plant at Kakarapalli in Srikakulam had met with stiff resistance from locals. Later in 204, the TDP regime had declared there is no need for thermal plants as AP has surplus power.

A bench of Rajeswara Rao Vithanala and Duraiswamy Ravi Kumar will soon take up the pleas in the tribunal.

Source :

Posted By : Nanda Koijam on Fri, 12 Jan 2018
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