Will Visa Power Head For Successful Revival?


Will Visa Power Head For Successful Revival?

A consortium of 11 lenders are claiming to recover about Rs 1,900 crore from the bankrupt Visa Power after the National Company Law Tribunal (NCLT) admitted the firm for insolvency proceedings.

The committee of creditors will hold its first meeting in the third or fourth week of January amid concerns that the company’s incomplete thermal project would dim the revival prospects, two people familiar with the matter told ET.

Bank of Maharashtra filed the application for bankruptcy proceedings, which was admitted last month. Delhi-based Anil Goel has been appointed as the interim resolution professional in this case. While the lead banker is Punjab National Bank, other lenders include State Bank of India, Andhra Bank, Uco Bank, United Bank of India, and Union Bank of India.

SBI and PNB did not comment on the matter while others could not be contacted immediately. Read More…

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