NCLAT issues notice to Lanco Amarkantak lenders, Adani Power
This story was originally published at 16:58 IST on 4 November 2024
Register to read our real-time news.NEW DELHI – The Chennai bench of the National Company Law Appellate Tribunal on Monday issued notices to debt-ridden Lanco Amarkantak Power Ltd.'s resolution professional, its committee of creditors and successful resolution applicant Adani Power Ltd. on a petition by Indian Bank but refused to give an interim stay on the resolution plan.
Indian Bank, one of the financial creditors of Lanco Amarkantak, challenged the order of the Hyderabad bench of the National Company Law Tribunal to approve Adani Power's resolution plan. Indian Bank said that its claim of INR 175.65 million was wrongly rejected by the company's resolution professional. Indian Bank had total claims of INR 1.02 billion, of which the resolution professional accepted only INR 845.09 million.
The tribunal had admitted a petition by Axis Bank in 2019 to start insolvency proceedings against Lanco Amarkantak Power. The company has admitted claims of INR 146.31 billion from financial creditors and other creditors.
The tribunal had in August approved Adani Power's INR 41.01 billion resolution plan for Lanco Amarkantak Power. Lanco Amarkantak owns and operates a 2 x 300 MW thermal power plant (Phase I) at Pathadi village in Korba district of Chhattisgarh. The majority of this power is supplied to distribution companies in Haryana and Madhya Pradesh. It is also setting up a 2 X 660 MW expansion capacity under Phase II.
On Monday, the shares of Indian Bank ended 2.4% lower at INR 571.50, while the shares of Adani Power ended 2.1% lower at INR 585.00. End
Reported by Surya Tripathi
Edited by Saji George Titus
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
