SC seeks response from SKS Power and lenders on Torrent Power's appeal against Sarda Energy's resolution plan
Supreme Court had sought response from debt-ridden SKS Power Generation (Chhattisgarh) Ltd, its lenders and its resolution professional on an appeal by Torrent Power challenging the approval granted to Sarda Energy and Minerals resolution plan for takeover of the power generation firm.
A Bench led by Chief Justice D.Y. Chandrachud while issuing notice to SKS, its Committee of Creditors and resolution professional Ashish Arjunkumar Rathi and Sarda Energy, the successful resolution applicant, observed that “there is much more than what meets the eye.”
The apex court also noted senior counsel AM Singhvi’s submission on behalf of Torrent that the Sarda’s bid was modified in material respects after the conclusion of the negotiation process. However, the CJI directed that “any further steps which are taken in implementation of the resolution plan by the second respondent (Sarda) shall not create any equities in their favour.”
It also posted the matter for further hearing on November 12.
Torrent has told the SC that Sarda had selectively been allowed to revise its commercial offer (by two deviations at the very least) in a “surreptitious and clandestine manner” after the conclusion of the negotiation process and the disclosure of the final bid to all resolution applicants.”
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