Jaiprakash Power Ventures settled a claim with the National Asset Reconstruction Company Ltd (NARCL) for Rs 511 crore.

The company and NARCL had agreed to settle the matter for Rs 511 crore as full and final payment.

The settlement is subject to payment of Rs 511 crore, fulfilment of certain other conditions and execution of definitive agreement(s), the company said.

The company further said the insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) will stand withdrawn once all the conditions of the settlement terms are fulfilled.