Banks finalising power firms debt resolution plans

Banks finalising power firms debt resolution plans

Economic Times reported that banks, led by State Bank of India, are close to finalising resolution plans for at least half a dozen stressed power companies involving total loans of INR 50,000 crore, which could result in banks taking more than 50% haircut.

Gupta Coal Managing Director Piyush Marodia not allowed to go abroad

Gupta Coal Managing Director Piyush Marodia not allowed to go abroad

The Debts Recovery Tribunal (DRT) has rejected the application of Piyush Marodia, managing director of Gupta Coal, seeking permission to travel to Singapore. The company has taken a loan of Rs 58.89 crore from State Bank of India (SBI) and is unable to repay it. DRT has impounded the passport of all the directors of Gupta Coal. DRT presiding officer Chikkam Vijay […]

SBI Moves NCLT Against East Coast Energy

SBI Moves NCLT Against East Coast Energy

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.