NCLAT allows Sarda Energy to seek tribunal nod for its SKS Power offer
National Company Law Appellate Tribunal (NCLAT) has allowed Sarda Energy & Minerals (SEML) to seek a final clearance from the bankruptcy court for its offer for SKS Power Generation, setting aside the lower court's order in October that had asked the committee of creditors (CoC) to reconsider its decision to award the 600 MW power producer to SEML.
In a 51-page order, a two-judge bench comprising NCLAT chairman Ashok Bhushan and Arun Baroka, directed the National Company Law Tribunal (NCLT) to revive SEML's petition seeking approval for the deal within 60 days. The bench also kept the door open for competing bidders Torrent Power and Vantage Point Asset Management to file fresh appeals if they have new grounds for any challenge.
«We have noticed that no opportunity was given to the successful resolution applicant (SEML), resolution professional and CoC… to obviate the delay in disposal of the matter,» the appellate tribunal said. It gave two weeks to SEML, resolution professional (RP) and the CoC to file their reply and other materials before the NCLT.
The appellate tribunal's order is a relief to SEML, though it still requires NCLT's approval.
«RP Ashish Rathi has already filed an application in the NCLT seeking revival of the plea seeking plan approval. It will most likely be taken up post the summer break (of the NCLT) next month,» said a person aware of the process. «It remains to be seen whether the challengers (Torrent Power and Vantage Point) file new objections to this plea,» he added.
Rathi did not
