Key Points
Exasperated by the delay in the resolution of KSK Mahanadi Power under the Insolvency and Bankruptcy Code-driven process, Punjab and Sind Bank plans to sell its debt to asset reconstruction companies (ARCs)...
The government-owned bank has invited offers, in full cash, from ARCs for its 110.5 crore loan to KSK Mahanadi Power Corporation and Rs 45.6 crore debt to KSK Water Infrastructure, according to a notice issued by the bank to the ARCs..
Over the past two years, a dozen lenders with about Rs 16,165 crore of verified claims have separately sold their debts to various ARCs due to delays in resolutions..
Punjab and Sind Bank's share is just about 0.70% of the total Rs 29,330 crore claims from lenders verified by the PwC-backed resolution professional Sumit Binani...
It has two ancillary companies - KSK Water Infrastructure, which operates a pipeline that supplies water to the power plant, and Raigarh Champa Rail Infrastructure, which carries raw materials..
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