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GVK PIL Declared Bankrupt by NCLT Over Rs 18K Crore Loan Default

Rajeshwari R by Rajeshwari R
July 17, 2024
in Government, India
Reading Time: 3 mins read
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GVK PIL Declared Bankrupt by NCLT Over Rs 18K Crore Loan Default

GVK PIL Declared Bankrupt by NCLT Over Rs 18K Crore Loan Default

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GVK Power and Infrastructure Declared Bankrupt by NCLT Over Rs 18,000 Crore Loan Default

Hyderabad, July 16, 2024: The National Company Law Tribunal (NCLT) in Hyderabad has ruled in favor of declaring GVK Power and Infrastructure Ltd (GVKPIL) bankrupt, initiating the Corporate Insolvency Resolution Process (CIRP). This decision follows GVK Coal Developers (Singapore) Pvt Ltd’s failure to repay a substantial loan of Rs 18,000 crore, which includes interest owed to ICICI Bank and multiple other banks where GVKPIL served as a guarantor.

The order, issued by the NCLT bench on July 12 and released earlier this week, marks a significant development in the financial woes faced by GVKPIL. The petition for insolvency was initially filed by ICICI Bank in 2022, citing persistent defaults and non-payment of dues dating back several years.

Senior counsel K Vivek Reddy, representing ICICI Bank, underscored the London court’s judgment from October last year, which validated the liabilities and necessitated bankruptcy proceedings against GVKPIL. “The inability of GVKPIL to address the February 2017 default on loans guaranteed by them has led to this unavoidable step,” he stated.

The loan issues trace back to 2011 when a consortium of banks, including ICICI Bank, sanctioned substantial facilities to GVK Coal for acquiring coal mines in Australia. Subsequent violations of facility agreements, such as an attempted stake sale in Bangalore International Airport without lender consent, exacerbated tensions between GVK Group and the banks, ultimately culminating in legal actions and financial claims.

Despite attempts by GVKPIL to negotiate with creditors, including proposals involving the Adani Group, ICICI Bank persisted with insolvency proceedings after prolonged non-payment and unsuccessful debt restructuring efforts.

The NCLT’s declaration identifies GVKPIL’s liabilities as totaling Rs 15,576 crore as of June 13, 2022, comprising principal, interest, and associated fees. Satish Kumar Gupta has been appointed as the interim resolution professional to oversee the Corporate Insolvency Resolution Process.

For further updates and implications of this bankruptcy filing, stakeholders and the public await developments in the ongoing proceedings.

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