YES Bank Ltd updates on NCLT resolution of Jhabua Power Ltd

YES Bank Ltd had acquired 12,63,50,146 equity shares constituting 8.74% of the post-issue paid-up share capital of Jhabua Power Limited pursuant to invocation of pledge.

Under the Corporate Insolvency Resolution Process of Jhabua Power Limited approved by the Hon'ble National Company Law Tribunal, Kolkata, as per the Clause 9.2.2 of the Resolution Plan, the existing equity share capital held by the existing lenders stands extinguished and settled with effect from transfer date without liabilities, claims or obligations whatsoever against the Company (i.e. Jhabua Power Ltd.) or the Resolution Applicant. Further, the Resolution Professional of Jhabua Power Limited has informed that the successful Resolution Applicant have made the payment as per the approved resolution plan on September 05, 2022 (Transfer Date) and accordingly, the old equity has been extinguished.

In view of the above, the Bank's holding of 12,63,50,146 equity shares (constituting 8.74% of the paid-up share capital) of Jhabua Power Limited stands extinguished as on September 05, 2022, which came to the knowledge of Yes Bank on September 16, 2022.

Source : Equity Bulls

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YESBank JhabuaPower Extinguished NCLTResolution