Central Bank ups exposure to Deepak Kochhar's NuPower despite default

Interestingly, Indiabulls Housing Finance also had an exposure of Rs 250 million in the company

The financial metrics of NuPower Renewables Pvt Ltd, a company set up by Deepak Kochhar, deteriorated by December 2015 to such an extent that the company started defaulting on its loans. 

However, despite the default, government-owned Central Bank of India increased its exposure in the company and bought a loan worth Rs 1 billion from Axis Bank in 2017-18.

Deepak Kochhar is married to ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar.
  

Filings with the Ministry of Corporate Affairs (MCA) show that NuPower had to hive off its businesses into two companies and refinance its debt in 2015. After the