Interestingly, ICICI Bank is the only commercial bank among creditors. Others include Ideal Financing Corp, Essar Power, Essar Power Transmission Company and Edwell Metal and Trading.
Workmen and employees of Essar Power Jharkhand have filed claims worth Rs 3.52 billion with the resolution professional. As on May 22, the resolution professional accepted claims worth Rs 43.87 billion.
On April 5, the NCLT Principal Bench in New Delhi imposed a moratorium on the company, barring any party from initiating legal proceedings against the corporate debtor in other legal forums, and prohibited any transfer of the company’s assets.
Essar Power Jharkhand is a part of the Reserve Bank of India’s August 28, 2017, list of defaulting companies, which were admitted to the NCLT for insolvency proceedings.