Jaiprakash Power Ventures (JPVL) has rescheduled the date for settlement of payments or the standstill agreement with its bondholders to April 30.
Jaiprakash Power Ventures has informed its bondholders that it will not be able to meet its repayment obligations to the tune of $200 million.
“The Standstill and Voting Agreement annexes the key terms on which JPVL and the Participating Bondholders have reached an agreement in relation to effecting a rescheduling of JPVL’s redemption obligations in respect of the Bonds (including the extension of the maturity date),” the company said in a statement.
On the basis of the Standstill and Voting Agreement, JPVL will convene a meeting of the bondholders on March 30, 2015, the statement added.