The Hyderabad bench of the National Company Law Tribunal (NCLT) has officially approved the Rs 16,084-crore resolution plan proposed by JSW Energy Limited for the acquisition of KSK Mahanadi Power Company Limited, a Chhattisgarh-based thermal power producer. This significant development marks a crucial step in resolving the financial distress faced by the company.
The corporate insolvency resolution process (CIRP) for KSK Mahanadi Power Company Limited commenced in October 2019, following an application filed by Power Finance Corporation Ltd. The Resolution Professional (RP), Sumit Binani, received claims amounting to Rs 32,335 crore from various creditors, including 19 banks and financial institutions, underlining the…
