Adani, Jindal, and JSW in fray as 21 bidders file EoIs for GVK Energy

Adani Group, JSW Neo Energy and Jindal Power are among 21 firms that submitted Expressions of Interest for GVK Energy, which is under insolvency proceedings at NCLT

The Adani group, JSW Neo Energy, and Jindal Power Ltd (JPL) are among 21 bidders who have submitted Expression of Interest (EoI) for acquiring GVK Energy Ltd, which is currently undergoing insolvency proceedings, according to people in the know.

 

The list of resolution applicants also includes the Vedanta group, Torrent Power Limited, and Sarda Energy & Minerals Limited.

 

Sarda Energy’s plan to acquire SKS Power Generation had received National Company Law Tribunal’s (NCLT’s) approval in August 2024. “We are interested in the (GVK Energy) business as it naturally complements our existing power vertical. We already have 167 megawatt (Mw) hydropower under operation and another around 50 Mw is in the pipeline,” said a spokesperson for Sarda Energy.

 

GVK Energy was promoted by the GVK group and set up as a subsidiary of GVK Power & Infrastructure Ltd (GVKPIL), which is also undergoing corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC), 2016. The company provides round-the-clock operation and maintenance services to Alaknanda Hydro Power Company Ltd.

 

Its financial creditor IDBI Bank had taken GVK Energy for corporate insolvency resolution under Section 7 of the IBC for a debt of ~1,106 crore. GVK Energy was a guarantor for loans taken by its group company GVKPIL. The Hyderabad bench of NCLT had admitted IDBI’s application on May 6, 2025.

 

In its order, NCLT had said that GVK Energy’s liability as a corporate guarantor was clear “as the corporate guarantor steps into the shoes of the debtor upon the principal borrower’s failure to repay its dues, regardless of the principal borrower’s separate resolution under CIRP (corporate insolvency resolution process)”.

 

A detailed invitation for EoI was issued on July 7, 2025 and subsequently extended till August 24, 2025.

 

GVKPIL was on July 12, 2024 also admitted to insolvency on the petition of ICICI Bank for failure to repay loans.

 

According to a PTI report, GVKPIL expressed its inability to honour the payments but committed to repay after negotiating a solution with the Adani group, requesting the bank to refrain from taking action.

 

However, ICICI Bank proceeded to approach the NCLT in 2022 to initiate insolvency proceedings against GVKPIL. On July 12 last year, the NCLT determined that as of June 13, 2022, GVKPIL was liable for ~15,576 crore, comprising ~9,463 crore in principal, ~6,113 crore in interest, and ~1.23 crore in agency fees.