Latest News | MMTC Board Approves Debt Restructuring Scheme
Get latest articles and stories on Latest News at LatestLY. The board of MMTC has approved the debt restructuring scheme of the state-owned company which envisages settlement of dues out of the disinvestment proceeds of the Neelachal Ispat Nigam Limited (NINL).
New Delhi, Jun 9 (PTI) The board of MMTC has approved the debt restructuring scheme of the state-owned company which envisages settlement of dues out of the disinvestment proceeds of the Neelachal Ispat Nigam Limited (NINL).
Under this scheme, MMTC "has got moratorium/deferment on recovery of interest for credit facilities up to December 2021/March 2022 and for Principal up to March 2022 by different Banks," the company said in a regulatory filing.
The final settlement, the company said, is envisaged out of divestment proceeds of NINL.
It may be affected by cases, government directives and Covid-19 pandemic situation, it added.
"It is hereby informed that pursuant to outstanding existing financial assistance/credit facilities restructuring scheme approved by Banks of MMTC Ltd in terms of...RBI guidelines, the Board of Directors of the company approved the implementation and signing of necessary documents in this regard on June 8," it added.
It informed that State Bank of India is the lead banker.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)