The resolution professional at Lanco Amarkantak Power has extended the voting deadline until January 7 after some lenders said they needed more time to decide on the purchase offers from interested buyers that include two of India’s biggest conglomerates – the Adani Group and .
Two people aware of the deadline extension told ET that Saurabh Kumar Tikmani, backed by KPMG, invited lenders to vote on the separate resolution plans of Reliance,
, and the Power Finance Corp-REC team for the distressed coal-fired electricity-generation company, undergoing insolvency proceedings for its failure to pay ₹14,632 crore in dues to 17 lenders.
PFC, REC Hold 42% Debt
“Bank of India,
and requested the resolution professional for an extension, saying they needed more time to decide,” said one of the people cited above.
The voting, which started on December 15, was scheduled to end on Friday (December 30).
The resolution professional informed lenders Friday that voting on the three plans would close on January 7. The voting deadline has been extended amid a legal battle among creditors over the distribution of proceeds.
PFC-REC, which also holds 42% of total debt, offered Rs 3,020 crore in upfront cash payment at an auction held on December 1, while Adani Power and Reliance Industries boycotted the auction, expressing dissatisfaction over the last-minute changes in the bidding process that favoured the PFC-REC team, ET reported on December 2.
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