The Indian and foreign lenders to the DPC are expected to draw a final blueprint by Tuesday for seizing assets of the idle 2,184 mw plant and may conduct their direct sale instead of buying 85 per cent foreign equity in the beleaguered company. ‘‘As of now the court has sealed the plant and taken control of the assets. In our two-day meeting starting tomorrow, the lenders will take a decision on enforcing their security and the consequent seizure of DPC assets’’, senior financial institution official told PTI here on Sunday. As a logical fallout, he said the Industrial Development Bank of India (IDBI) led consortium of Indian lenders, which have exposure of over Rs 6,200 crore in the project, will make a call over the company and its assets by taking over it’s reigns from the hands of M.A. Patel, the Bombay High Court receiver. ‘‘The lenders will also discuss a possible DPC’s asset sale, as after taking over, it is us who own the property and not Enron, GE and Bechtel. If this happens, then IDBI may nullify the earlier expressions of interest for sale of DPC’s foreign equity and invite fresh EOIs for asset sale’’, the official said. The two-day meeting starting today would be held at the IDBI headquarters here in Mumbai and representatives of more than 30 financial institutions and banks from all over the world would participate in it. ‘‘The Bombay High Court direction has helped us immensely, as of now there is no scope for taking cognisance of enron corp’s refusal to sign the co-operation agreement. With this major hurdle crossed, we do not see any further delay in the sale process’’, the official explained adding that other two equity holders ge and Bechtel have agreed to co-operate with the lenders and sign on the dotted line. Meanwhile, the court receiver has already sealed the sprawling 1,700 acre state-of-the-art but incomplete power plant at Guhagar. Accompanied by several officials from IDBI, icici and State Bank of India, the court receiver has appointed ex-dpc subcontractor Punj Llyod as the plant’s care and preservation manager and deployed security personnel from private agency Group 4 veritas for round the clock surveillance of the plant.
