Deepak Kochhar’s NuPower Renewables blames financial institution mortgage default on MSEDCL

Deepak Kochhar’s NuPower Renewables blames financial institution mortgage default on MSEDCL

NuPower Renewables, an organization owned by Deepak Kochhar and within the maelstrom of a cash-for-loans rip-off at ICICI Financial institution, has defaulted on financial institution loans for the monetary 12 months ended March 2021. The corporate dodged paying its principal quantity and has held non-receipt of dues from Maharashtra State Electrical energy Distribution Firm (MSEDCL) for the default.


NuPower, accused of receiving Rs 64 crore in ‘kickbacks’ from Videocon Industries in lieu of an ICICI Financial institution mortgage of Rs 1,865 crore, reportedly had solely Rs 37 lakh in money as on December 31, 2020, in opposition to debt servicing of Rs 13.63 crore, mentioned a banking supply.


.

Expensive Reader,

Enterprise Customary has all the time strived laborious to offer up-to-date info and commentary on developments which are of curiosity to you and have wider political and financial implications for the nation and the world. Your encouragement and fixed suggestions on how one can enhance our providing have solely made our resolve and dedication to those beliefs stronger. Even throughout these troublesome occasions arising out of Covid-19, we proceed to stay dedicated to preserving you knowledgeable and up to date with credible information, authoritative views and incisive commentary on topical problems with relevance.

We, nevertheless, have a request.

As we battle the financial affect of the pandemic, we’d like your help much more, in order that we will proceed to give you extra high quality content material. Our subscription mannequin has seen an encouraging response from lots of you, who’ve subscribed to our on-line content material. Extra subscription to our on-line content material can solely assist us obtain the targets of providing you even higher and extra related content material. We imagine in free, truthful and credible journalism. Your help by extra subscriptions will help us practise the journalism to which we’re dedicated.

Assist high quality journalism and subscribe to Enterprise Customary.

Digital Editor



First Printed: Fri, April 09 2021. 04:03 IST


https://www.business-standard.com/article/firms/deepak-kochhar-s-nupower-renewables-blames-bank-loan-default-on-msedcl-121040900097_1.html