SKS Power Resolution Hits NCLT Roadblock

Breaking News: The SKS Power resolution has hit on the NCLT roadblock. Recently, the National Company Law Tribunal remanded the resolution plan which has been submitted by Sarda Energy and Mining to the lenders of SKS Power Generation (Chattisgarh) Ltd. The development has come after the counsel for the resolution professional of AKS has filed an application. He has sent an application for the approval of the resolution plan which has been submitted by Nagpur-based Sarda Energy which is the successful resolution applicant. This decision has looked like a completely fresh roadblock for the resolution of the company. Read till the end to know everything.

SKS

The founder of the AU Corporate Advisory and Legal Services, Akshat Khetan said that, that the longer the delay in the approval of the resolution plan the deeper the wounds inflicted on the company and stakeholders. The resolution of corporate insolvency has now been processed by the SKS which was initiated after it was approached by the lenders to the NCLT. It has been reported that the company power owes the Bank of Baroda and SBI Rs. 1,890 Crore. It has been said that some time ago the larger conglomerate also includes Reliance and Adani. And it has evinced interest in the entire company. Till now both companies have not submitted revised bids. Continue reading this article till the end.

Besides those Jindal Power, Torrent Power, NTPC, and Singapore-based Vantage Point Asset Management Company are also interested in taking over the SKS. reports have stated that Sarda Energy had submitted a bid which is more than Rs. 1,000 Crore. According to the experts, the development has come after the counsel for the resolution professional of SKS. SKS filed an application when it went for the approval of the resolution plan which was officially submitted by Nagpur-based Sarda Energy. Scroll down to learn more about it.

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According to the reports, the Mumbai bench of the National Company Law Tribunal (NCLT) now has claimed that from now the lenders of SKS Power Generation Ltd now have to relook at the resolution point. This was officially stated on 6th October 2023, Friday. The technical member Prabhat Kumar and the Judicial member Kishore Vemulapalli have their own oral order that has now been remanded in the resolution plan to the lenders. The copy of the details document was not available immediately. More details are to be shared very soon till now keep following techballad.

Prakash Israni
Prakash Israni

Prakash, the content creator for Techballad, has built a solid reputation for himself over the course of more than ten years of blogging