COMPANIES IN NEWS

Lenders nominate a resolution professional to administer under stress Essar’s Mahan projec

Lenders to Essar Power Mahan have nominated a resolution professional (RP) to manage the company’s affairs and are likely to approach the National Company Law Tribunal (NCLT) to kickstart insolvency proceedings against the thermal power producer, according to sources in the know.

The lenders that include ICICI Bank and Punjab National Bank have picked Jet Airways’ current administrator Ashish Chhawchharia to manage the affairs of the Essar power plants located in the Singrauli district of Madhya Pradesh, sources said. Essar Power Mahan has power supply contracts with Essar Steel.

Though ICICI Bank had filed an application to initiate insolvency against the company almost two years ago, the application is yet to be admitted by the NCLT.

Source
ET Energy World
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