The lenders have appointed SBI Caps to select an investor/s or buyer and subsequent change in the ownership of the company. The company is not part of the NCLT accounts, but the holding company Jaiprakash Associates is part of the 28 large accounts mentioned in the second RBI list. The lenders are in the process of finding a resolution to this account outside National Company Law Tribunal.
"Transaction entails induction of a strategic or financial investor or bidder in PPGCL to take over majority shareholding, held by the security trustee on behalf of the lenders," SBI Cap said in a public notice. The 17-lender consortium holds 89.47 per cent in PPGCL and the balance is with Jaiprakash Associates, the promoter entity.
In July 2016, the lenders had invoked strategic debt restructuring (SDR) of Jaiprakash Power but the company stopped servicing its term loans from February 2017. Debt on its book may be refinanced based on discussion/ proposal submitted by the prospective investors, according to the expression of interest put out by SBI Caps.
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