 "IBC, Insolvency law")
Lenders have finalised the sale of two large stressed power sector assets — GMR Chhattisgarh Energy and Prayagraj Power Generation Company — avoiding any need for insolvency proceedings against the companies.
In the first case, a former subsidiary of Jaiprakash Associates, Prayagraj owes lenders about Rs 110 billion in outstanding loans. Earlier, lenders took a controlling stake in the power producer under the strategic debt restructuring (SDR) scheme, which allows the conversion of loans into equity.
Despite the company undergoing the SDR process, there was a risk that lenders will have to refer the company for insolvency proceedings under the Insolvency and
