Team News Riveting
Raipur, June 9
Sarda Energy and Minerals Limited (SEML) had been declared as a successful “resolution applicant” by the Committee of Creditors of SKS Power General (Chhattisgarh).
Initiation of the SKS resolution procedure took place in April 2022. The company owed Bank of Baroda and State Bank of India (SBI) an amount of Rs 1,890 crore. The bankers were optimistic that they would be able to recoup all of their debts as the 1200 MW project of SKS had been in demand.
All major power players were in the fray to buy the plant located in Chhattisgarh’s Raigarh district. While Adani Group and Reliance Industries did not submit revised bids for SKS Power Generation (Chhattisgarh), the contest was confined to five companies.
Besides Sarda Energy and Minerals, Delhi-based Jindal Power, public-sector utility NTPC, Gujarat-based Torrent Power, and Singapore-based Vantage Point Asset Management submitted revised bids to take over SKS under the corporate insolvency the corporate insolvency resolution procedure.
“We are pleased to inform you that the Resolution Professional of SKS Power Generation (Chhattisgarh) Ltd. (SKS) has, vide its letter dt. 8th June 2023, declared the Company as the Successful Resolution Applicant for SKS,” SEML said in a regulatory filing today. SKS was incorporated for development of a 1200 MW (4 x 300 MW) thermal power project in two phases of 600 MW each in Raigarh District of Chhattisgarh, the company said.
As on the date, 600 MW capacity is in operation with infrastructure of 1200 MW. The remaining capacity of 600 MW is yet to be installed.
