NCLT OKs JSW Energy's INR 160.8-bln resolution plan for KSK Mahanadi Power
This story was originally published at 09:38 IST on 14 February 2025
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NEW DELHI – The Hyderabad bench of the National Company Law Tribunal has approved JSW Energy Ltd.'s INR 160.84-billion resolution plan for debt-ridden KSK Mahanadi Power Co. Ltd. The resolution plan provides for upfront cash payment of INR 159.85 billion to the financial creditors of KSK Mahanadi.
In 2019, the tribunal had admitted a petition by Power Finance Corp. Ltd. to start insolvency proceedings against KSK Mahanadi Power Co. The debt-ridden company's lenders include Aditya Birla ARC Ltd., Bank of India, IDBI Bank, and State Bank of India. The company had total admitted claims of INR 260.94 billion.
Adani Power Ltd., Vedanta Ltd., Coal India Ltd, and NTPC Ltd. were among the prospective resolution applicants for KSK Mahanadi Power. After a challenge process in the insolvency resolution of the company, JSW Energy emerged as the highest bidder in the last round. In November, the committee of creditors of KSK Mahanadi Power gave 100% favourable votes for JSW Energy's resolution plan.
The tribunal noted that JSW Energy was a renewable energy company and a leading power generation company in India, incorporated in 1994. JSW Energy has previously acquired Ind Barath Energy (Utkal) Ltd. and acquired and integrated 1391 MW Hydro assets of the Jaypee group, as a successful resolution applicant under the Insolvency and Bankruptcy Code, 2016, the tribunal said.
At 0926 IST, shares of JSW Energy were down 1.8% at INR 459.10 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Surya Tripathi
Edited by Avishek Dutta
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