Torrent Power has moved the National Company Law Appellate Tribunal (NCLAT) to challenge the NCLT order approving Sarda Energy and Mining’s (SEML) resolution plan for the debt-ridden SKS Power Generation.
Last week, the Mumbai bench of the National Company Law Tribunal (NCLT) approved Sarda Energy and Mining’s bid and rejected applications, including that of Torrent Power, to acquire SKS Power Generation (Chhattisgarh). Torrent Power had raised objections over the selection process, describing it as discriminatory and contended that it had proposed the highest upfront payment. The Torrent group firm also sought a copy of the approved plan, which was rejected by the NCLT.
Torrent Power’s petition is scheduled for hearing on Tuesday,…
