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Sarda Energy & Minerals
The lenders of SKS Power Generation have received an upfront payment of Rs 1,950 crore from Sarda Energy and Mining, the successful bidder for the debt-ridden thermal power producer, the insolvency appellate tribunal NCLAT was informed on Tuesday. Moreover, allegations of "malafide" intention or aligning towards any party while approving the resolution plan from Sarda Energy were also rejected during the proceedings of the NCLAT by senior advocate Mukul Rohatahi, representing the lenders. A proper evaluation was made based on the earlier direction given by the NCLAT in this matter and a "clear decision was made" by the Committee of Creditors (CoC) of SKS Power Generation. "There is no case of malafide and we are not aligning to one party or the other. We have taken a call based on the commercial decision," he said. Torrent Power and Singapore-based Vantage Point Asset Management Pte, which were also in the race to acquire SKS Power Generation, have challenged the NCLT order, approv
Torrent power has moved the appellate tribunal NCLAT against the approval of Sarda Energy and Mining's resolution plan for the debt-ridden SKS Power Generation. Earlier on August 13, the Mumbai-based bench of the National Company Law Tribunal (NCLT), while approving Sarda Energy and Mining's (SEML) bid, had rejected applications, including of Torrent Power, to acquire SKS Power Generation (Chhattisgarh). Torrent Power had raised objections over the selection process, terming it to be discriminatory, and contended that it has proposed the highest upfront payment. The Torrent group firm also sought a copy of the approved plan, which was rejected by the NCLT. The order has now been challenged by Torrent Power before the Delhi-based bench of the National Company Law Appellate Tribunal (NCLAT). Torrent Power's petition is scheduled for hearing on Tuesday before a three-member bench of the NCLAT headed by its Chairperson Justice Ashok Bhushan. Corporate Insolvency Resolution Process (CI