Jhabua Power: Banks may let NCLT decide firm’s fate


Jhabua Power: Banks may let NCLT decide firm’s fate

With Goyal MG Gases failing to make good its bid of Rs 2,300 crore for Jhabua Power, lenders to the stressed company may simply encash the Rs 100-crore guarantee and let the matter be decided at the National Company Law Tribunal (NCLT). This was indicated to FE by senior bankers in the know of developments.

Goyal MG has neither paid up nor followed up on the paperwork relating to the source of funds for the proposed payments, bankers said, pointing out the deadline ended in November.

Lenders may also renew buyout talks with the industrial gas manufacturer, which had offered to pay a little over Rs 2,300 crore for Jhabua. Read More

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