Power Finance Corporation Limited (PFC) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against South East U.P. Power Transmission Company Limited (SEUPPTCL). PFC, along with Rural Electrification Corporation Limited (REC) and the Bank of India (BOI), collectively referred to as 'the Lenders', had agreed to part-finance SEUPPTCL's project. PFC sanctioned INR 2475.50 Crores to SEUPPTCL. SEUPPTCL was obligated to repay the principal and interest in 48 equal quarterly installments. SEUPPTCL defaulted on its repayment obligations, leading PFC to issue demand letters and recall the facility. UPPTCL arbitrarily rejected a proposal for Adani to invest in the project. PFC
…Power Finance Corporation Limited (PFC) extended financial assistance to South East U.P. Power Transmission Company Limited (SEUPPTCL) in the form of a Rupee Term Loan of INR 2475.05 Crores for a project involving the Mainpuri-Bara line. The project cost was estimated at INR 4951 crores. The loan was to be repaid in 48 equal quarterly installments. SEUPPTCL defaulted on its repayment obligations. PFC issued demand letters on July 7, 2017, January 5, 2018, and July 11, 2018. On October 10, 2018, PFC recalled the facility due to the occurrence of Events of Default. PFC invoked bank guarantees of INR 638.88 Crores, realizing INR 580.37 Crores. As of March 31, 2019, SEUPPTCL owed INR 2416, 96, 45,996. SEUPPTCL stated that the project was delayed due to various reasons.
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Power Finance Corporation Limited (PFC) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against South East U.P. Power Transmission Company Limited (SEUPPTCL). PFC, along with Rural Electrification Corporation Limited (REC) and the Bank of India (BOI), collectively referred to as 'the Lenders', had agreed to part-finance SEUPPTCL's project. PFC sanctioned INR 2475.50 Crores to SEUPPTCL. SEUPPTCL was obligated to repay the principal and interest in 48 equal quarterly installments. SEUPPTCL defaulted on its repayment obligations, leading PFC to issue demand letters and recall the facility. UPPTCL arbitrarily rejected a proposal for Adani to invest in the project. PFC
…Power Finance Corporation Limited (PFC) extended financial assistance to South East U.P. Power Transmission Company Limited (SEUPPTCL) in the form of a Rupee Term Loan of INR 2475.05 Crores for a project involving the Mainpuri-Bara line. The project cost was estimated at INR 4951 crores. The loan was to be repaid in 48 equal quarterly installments. SEUPPTCL defaulted on its repayment obligations. PFC issued demand letters on July 7, 2017, January 5, 2018, and July 11, 2018. On October 10, 2018, PFC recalled the facility due to the occurrence of Events of Default. PFC invoked bank guarantees of INR 638.88 Crores, realizing INR 580.37 Crores. As of March 31, 2019, SEUPPTCL owed INR 2416, 96, 45,996. SEUPPTCL stated that the project was delayed due to various reasons.
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