JSW Energy, Utkal lenders may renegotiate resolution plan

01 Aug 2022 CW Team

Lenders to distressed borrower Ind-Barath Energy (Utkal) and JSW Energy, the asset’s successful bidder, are likely to renegotiate the resolution plan after the tribunal observed in its order that parties can ‘sit across the table’ and take stock of the situation.

The observation was made by the tribunal in the context of an application filed by the BSE-listed JSW Energy, which sought to terminate its own plan with the arguments that the assets of the company have deteriorated beyond Rs 300 crore.

The Hyderabad bench of the National Company Law Tribunal (NCLT) had allowed an application filed by the resolution professional of Ind-Barath Energy to approve the resolution plan submitted by the Sajjan Jindal-promoted company.

Ind-Barath was admitted for bankruptcy proceedings on August 29, 2018, following a plea filed by Bank of Baroda. On October 9, 2019, the Committee of Creditors (CoC) approved JSW Energy’s revival plan, with 82.70% votes in its favour.

JSW Energy is paying about Rs 1,025 crore to the lenders of the company. Also, JSW Energy has estimated that an additional Rs 1,650 crore must be infused by way of additional funds for commencing the sustainable commercial operation of the project.

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