Ratnagiri Gas and Power Private Limited (RGPPL) has approached its lenders for a one-time settlement (OTS) of its outstanding debt worth Rs 14.61 billion.
According to CARE Ratings, the company has requested its lenders for the OTS, for which the lead lender has given in-principle approval with cut-off date considered as September 1, 2020. Other lenders are still under the process of taking requisite approvals. Its promoters are providing financial assistance to settle dues of lenders and become a debt-free company. In addition, RGPPL has delayed servicing of its principal component in loan due in September, while it has paid the interest due for the month.