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PNB looking to sell Mahanadi Power Co loan worth Rs.1,720-Cr to ARCs

Mint  

State-owned Punjab National Bank (PNB) is looking to sell its exposure of INR 1,719.85 crore in KSK Mahanadi Power Company Ltd to asset reconstruction companies (ARCs), other banks and non-bank financiers. The sale will be done on a full cash basis, the reserve price for which has been set at INR 752.28 crore. The company was referred to the National Company Law Tribunal (NCLT) by Power Finance Corporation after it defaulted on repayments. The Hyderabad bench of the NCLT admitted the company on October 3, 2019. However, a petition by lenders to consolidate the resolution process of KSK Mahanadi and KSK Water and Raigarh Champa Rail was rejected by the tribunal on 12 February.