Arbitration proceedings delayed by 3 weeks
Lenders to the Dabhol Power Company (DPC) have ruled out an equity sale, preferring to go ahead with an asset sale.
Additionally, arbitration proceedings between domestic lenders and the offshore lenders in the beleaguered DPC will be delayed by three weeks.
This follows the inability of the two sides to come to a consensus on the appointment of the chairman of the arbitration tribunal.
Financial institution officials confirmed that the two sides have been an extension of 21 days to identify the chairman of the three-member arbitration tribunal.
The appointment was initially expected to be completed by June 28, whereby the three-member arbitration tribunal would have commenced proceedings by early July.
Now the entire process
