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