State Bank of India (SBI) has moved the National Company Law Tribunal (NCLT) against independent power producer East Coast Energy Pvt Ltd (ECEPL), which suffered project execution delays owing to funds constraints.
The Andhra Pradesh-based power producer had defaulted loans of over Rs 5,000 crore to many lenders led by Power Finance Corporation (PFC), which is also said to be preparing to move the Tribunal with an insolvency petition.
“East Coast Energy had defaulted over Rs 950 crore of loans to SBI and the lender has filed an application before the Tribunal seeking insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code 2016,” a person associated with the development told ET. Read More…
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