PTC India Financial Services (PFS) said on Monday it has approved resolution of one of its stressed loan account in IL&FS Tamil Nadu Power Co Ltd 2 x 600 megawatt imported coal-based thermal power project at Cuddalore in Tamil Nadu.
The resolution in line with lead banker Punjab National Bank includes sustainable portion (59.38 per cent) of Rs 125.91 crore is proposed to be repaid in 70 structured quarterly instalments starting from December 2020 quarter till March 2038.
The unsustainable portion (40.62 per cent) of Rs 86.14 crore proposed that 0.001 per cent NCD(B) will be allotted to senior secured lenders and will be redeemed in two annual instalments of 50 per cent each in FY2039 and FY2040.
There will be reversal of interest on unsustainable portion and differential interest on sustainable portion (for the period starting from the cut of date that is October 15, 2018 till proposed resolution process implementation date that is September 30, 2020) taking approved rate of interest at the rate of 8 per cent as per the resolution plan.
After the approval of resolution plan from NCLT/NCLAT, the loan account will be classified under 'green' category from 'amber' category, the company said in a statement on Monday.
PFS said out of total outstanding of Rs 224.95 crore (principal Rs 183.84 crore and interest Rs 41.11 crore), the company had already made provisioning of Rs 66.39 crore as on period ended September 30, 2020.
PTC India Financial Services is a non-banking finance company promoted by PTC India Ltd. The company offers an array of financial products to infrastructure compes in the entire energy value chain and other infrastructure industries.
It also provides fee-based services like loan syndication and underwriting.
( With inputs from ANI )
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