Jaiprakash Power Ventures Ltd. has reached an agreement with the National Asset Reconstruction Company Ltd. (NARCL) to settle claims linked to its insolvency proceedings. The company will pay Rs.511 crore as a full and final settlement.
Following the settlement, the insolvency proceedings under the Insolvency and Bankruptcy Code are expected to be withdrawn. The development removes a major outstanding matter for the company and could help bring greater clarity to its financial position and future operations.
