JSW Energy Ltd announced on Monday (January 13) that it had been deemed the successful applicant for the resolution plan submitted for KSK Mahanadi Power Company Ltd (KMPCL) under the corporate insolvency resolution procedure (CIRP) of the Insolvency and Bankruptcy Code, 2016.
The resolution professional sent the company a letter of intent (LoI) after the Committee of Creditors approved the resolution plan. The transaction will not be completed until the National Company Law Tribunal and the Competition Commission of India get the requisite regulatory clearances.
KMPCL owns and operates a 3,600 MW thermal power station in Chhattisgarh that uses local coal. Currently, 1,800 MW (600 MW x 3 units) is operating, with 95% tied up in long-…
