SBI Approaches SC To Waive A Portion Of Adani, Tata And Essar Group’s Rs 35,000 Cr Debt


SBI Approaches SC To Waive A Portion Of Adani, Tata And Essar Group’s Rs 35,000 Cr Debt

State Bank of India has approached the Supreme Court to implement the recommendations of a committee that had suggested increasing tariffs or waiving a portion of the loan owed by Adani, Tata and Essar Group’s power companies.

SBI has said in it’s affidavit to the SC, “It is relevant to point out that the entire net worth of the three power producers has almost eroded. The monies lent and advanced by the SBI and other banks are at serious and imminent risk.

So far as Essar Power Gujarat Ltd is concerned, it is already NPA. The other two companies (Adani & Tata) are servicing their debt but have been addressing letters that they would be constrained to stop operation since they cannot continue to run the plants at loss,” reported the Daily Pioneer Read More

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