GVK Power & Infrastructure Reports Q1 Results Amid Corporate Insolvency Resolution Process 1 day ago
GVK Power & Infrastructure Limited (GVKPIL) reported substantial losses for Q1 FY2024. Consolidated net loss after tax was ₹83,421 lakh, while standalone net loss was ₹103,848 lakh. The company is under Corporate Insolvency Resolution Process (CIRP) with admitted claims of ₹15,94,489 lakh from financial creditors. GVKPIL lost control over GVK Energy Limited and its subsidiaries, leading to a ₹1,04,158 lakh loss. The Committee of Creditors rejected two resolution plans and decided to re-initiate the CIRP process. The company faces ongoing litigations and has provided guarantees for loans amounting to ₹14,89,486 lakh. GVKPIL's future operations and financial stability remain uncertain.
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