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Rattanindia Power Limited - Withdrawal Of The Applications Filed By The Consortium Of Lenders Led By Power Finance Corporation Limited, Against The Company And Its Wholly Owned Subsidiary Sinnar Thermal Power Limited (Earlier Known As Rattanindia Nasik Power Limited), In The National Company Law Tribunal (NCLT), New Delhi.

| Updated on May 16, 2019 Published on May 16, 2019

We wish to inform you that the applications filed by the consortium of lenders led by Power Finance Corporation Limited (PFC), against the Company and its wholly owned subsidiary Sinnar Thermal Power Limited (earlier known as RattanIndia Nasik Power Limited), in the NCLT, New Delhi, pursuant to and in terms of the Reserve Bank of Indias Circular on Resolution of Stressed Assets - A Revised Framework dated February 12, 2018 bearing reference no. DBR.No.BP.BC.101/21.04.048/2017-18 (12th February Circular), has been withdrawn by PFC pursuant to the 12th February Circular being quashed by the recent judgment of the Honble Supreme Court of India.

The Company is actively engaged with the lenders and is taking key steps to alleviate and address the challenges being faced by it, which include:

1. Amravati Thermal Power Plant: The Company is working with the lenders for a one-time settlement (OTS) of its outstanding debts, which is currently at an advanced stage of discussions with the Lenders.

2. Nasik Thermal Power Plant: A resolution plan is being worked on jointly with the lenders. Moreover, on 30 April 2019, Maharashtra State Electricity Development Corporation Limited has issued a Letter of Intent for the purchase of 507 MW power from the Nasik plant. We anticipate executing the Power Purchase Agreement (PPA), in the near future.

We will keep the exchange notified on future developments.

Pdf Link: Rattanindia Power Limited - Withdrawal Of The Applications Filed By The Consortium Of Lenders Led By Power Finance Corporation Limited, Against The Company And Its Wholly Owned Subsidiary Sinnar Thermal Power Limited (Earlier Known As Rattanindia Nasik Power Limited), In The National Company Law Tribunal (NCLT), New Delhi.

Source : BSE - www.bseindia.com

Published on May 16, 2019
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