NCLAT upholds tribunal’s order of Sarda Energy’s acquisition of SKS Power Generation
NCLAT) has upheld the tribunal’s order to approve the SKS Power Generation (Chattisgarh) Ltd’s acquisition by BSE-listed Sarda Energy & Minerals Ltd (SEML).
The unsuccessful bidders of SKS Power Generation (Chattisgarh) including Torrent Power Ltd, Jindal Power Ltd and Vantage Point Asset Management Pte. had approached the appellate tribunal to challenge the lower tribunal’s order.
“We do not find that any sufficient grounds have been made out within the meaning of Section 61(3)(ii) of the IBC to interfere with the decision of the adjudicating authority (NCLT) approving the resolution plan of Sarda, in these appeals filed by unsuccessful resolution applicant,” observed the bench preceded by Justice Ashok Bhushan and technical members Barun Mitra and Arun Baroka.
On August 13, Mumbai’s National Company Law Tribunal (NCLT) approved the SKS Power Generation (Chattisgarh) Ltd’s acquisition by SEML. SKS Power Generation (Chattisgarh) Ltd has admitted liabilities of over Rs 2,697 crore, while the successful bidder’s resolution plan proposed to pay about Rs 2,000 crore to acquire the company.
Originally, in April 2022, the company was admitted under the Corporate Insolvency Resolution Process (CIRP) in an application filed by its lender Bank of Baroda. Before the tribunal’s approval, the Committee of Creditors (CoC) led by the State Bank of India and the Bank of Baroda approved the resolution plan with 100% voting in favour of Sarda Energy & Minerals.
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