Diamond Power Infrastructure exits NCLT mechanism

Diamond Power Infrastructure announced that it 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, in full, the entire ₹501 crore cash Plus 30 years Bonds aggregating Rs 1900 cr consideration payable to its erstwhile lenders under the NCLT-approved Resolution Plan.

This amount was contractually payable over five years, with the final instalment due on 30 September 2027. By discharging it one year in advance ? and availing the pre-payment discounts extended by the lenders in the plan ? every obligation of the Promoters under the Approved Resolution Plan now stands fulfilled, and Diamond Power has formally exited the NCLT mechanism.