Mumbai: Punjab State Power Corporation (PSPCL) has offered 1,080 crore to lenders to acquire GVK Power (Goindwal Sahib) that is undergoing corporate insolvency resolution, said people aware of the development. The offer from the state power distribution company equates to a 16% recovery of the claims filed by lenders with the resolution professional (RP).
Ravi Sethia, the RP backed by KPMG, did not respond to ET’s request for comments. He has admitted 6,584 crore in claims from 12 financial creditors.
GVK Power (Goindwal Sahib) has a 25-year power purchase agreement with PSPCL and now it is the sole bidder for the Punjab-based company. Incidentally, the company has undisputed trade receivables of 327 crore from PSPCL and another 334 crore…
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