M&A

M&A

NCLT approves Sarda Energy's Rs.2,000-Cr resolution plan for SKS Power

Mint  

The National Company Law Tribunal (NCLT) has approved Sarda Energy and Mining’s (SEML) resolution plan, exceeding INR 2,000 crore, for SKS Power Generation (Chhattisgarh) , as part of the corporate insolvency resolution process.SKS Power's insolvency proceedings began in April 2022, after lenders, including State Bank of India and Bank of Baroda, approached the NCLT with claims totalling INR 1,890 crore. In October 2023, after objections were raised, the NCLT remanded SEML's resolution plan to SKS Power Generation's lenders for reconsideration. In May 2024, the appellate tribunal overturned the NCLT's earlier decision, allowing SEML to seek final approval and directing the lenders to revisit the resolution plan.