jhabua power: Yes Bank’s stake in Jhabua Power extinguished after debt settlement

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Yes Bank said on Saturday its 8.74% stake in Jhabua Power was extinguished following the settlement of the company’s debt under the corporate insolvency proceedings. Yes Bank had acquired 12 63 50 146 shares representing 8.74% of the share capital of Jhabua Power pursuant to the invocation of the pledge.

As part of Jhabua Power’s corporate insolvency resolution process approved by the National Company Law Tribunal in Kolkata, in accordance with the resolution plan, the existing share capital held by the existing lenders is extinguished and settled as of transfer date with no liabilities, claims or obligations whatsoever against the company, Yes Bank said in a regulatory filing on Saturday.

“Jhabua Power’s resolution professional has advised that the successful resolution candidate has made payment in accordance with the resolution plan approved on September 5, 2022 and as a result, the former capital has been extinguished,” the bank said. .

In view of this, the bank’s holding of 12,63,50,146 shares of Jhabua Power is extinguished on September 5, 2022, Yes Bank said.

The private sector lender said information about the extinguishment of the shares was brought to its attention on September 16, 2022.

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