Diamond Power Infrastructure Limited has completed its exit from the resolution framework of the Insolvency and Bankruptcy Code, 2016 (IBC), administered by the National Company Law Tribunal (NCLT).
The company has prepaid the entire consideration payable to its erstwhile lenders under the NCLT-approved resolution plan. This comprises Rs 5.01 billion in cash and Rs 19 billion in 30-year bonds. The consideration was contractually payable over five years, with the final instalment due on September 30, 2027. Diamond Power has discharged the amount one year ahead of schedule by availing the prepayment discounts provided by the lenders. Following the fulfilment of its obligations under the resolution plan, Diamond Power has formally exited the NCLT mechanism. The company was acquired through the NCLT-supervised process by a consortium comprising Rakesh Shah, GSEC and the Monarch Group.