UPPCL's plea may delay KSK Mahanadi resolution process
Adani Power's ₹27,000-crore offer for the KSK Mahanadi project, the Uttar Pradesh power utility has sought the consolidation of insolvency proceedings of the debt-laden thermal power company and its two subsidiaries to «protect the interests of multiple stakeholders», an industry source told ET.
The Uttar Pradesh Power Corp (UPPCL) filed a writ petition in the Telangana High Court on clubbing the resolution processes of the 1,800-MW KSK Mahanadi and its two subsidiaries — KSK Water Infrastructure and Raigarh Champa Rail Infrastructure.
«The high court has deferred the CIRP process on September 20,» said the source cited above.
PwC's Resolution Professional (RP) Sumit Binani and the Committee of Creditors (CoC) now plan to appeal the decision before a division bench. If Adani Power's resolution plan is approved, lenders stand to recover 92% of their outstanding loans.
«Now, the RP and CoC will go to the appeal court division bench,» said the source.
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