ICICI Bank, which had earlier filed for initiating proceedings under the Insolvency and Bankruptcy Code against Jaiprakash Power Ventures in 2018, last Friday moved an application before the Ahmedabad bench of National Company Law Tribunal (NCLT) for its withdrawal.
Jaiprakash Power Ventures' lenders' consortium led by ICICI Bank has managed to restructure the company's debt by converting its equity or convertible instruments and have approached the NCLT to withdraw their application for starting of bankruptcy proceedings.
Given that the earlier petition is yet to be admitted, the bank will be allowed to withdraw it, ET reported.
The outstanding debt of the Jaiprakash Associates group company has reduced to less than Rs6,000cr, from over Rs11,000cr. The terms involve an interest writeback of ~Rs2,000cr that will help the company report a net profit this fiscal, ET added.