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CG Power seeks up to 2 years moratorium on loan repayments

The board of fraud-hit CG Power & Industrial Solutions has sought a moratorium of 18-24 months from lenders to help revive the company and repay its “legitimate” loans. A plan is being worked out with the lenders, Narayan Seshadri, independent director and now one of the custodians overseeing the company’s resurrection, said in an exclusive interaction with ET for the first time since the fraud was discovered in August.“We intend to pay back every penny of all legitimate loans. We just need time to revive the company. We have sought a moratorium of around 18-24 months to repay loans that the company is falling behind on,” he said.Working capital providers and lenders such as State Bank of India, Bank of Maharashtra, Yes BankNSE 5.04 %, Axis.....

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