+
NCLT approves Rs 64 billion surplus cash distribution to KSK Lenders
POWER & RENEWABLE ENERGY

NCLT approves Rs 64 billion surplus cash distribution to KSK Lenders

The Hyderabad bench of the National Company Law Tribunal (NCLT) has authorised the distribution of Rs 64 billion in surplus cash among the lenders of KSK Mahanadi Power. This is a notable development as it marks the first instance where lenders will recover a portion of their dues before a resolution plan is finalised by the NCLT. The decision may prompt all bidders, including Adani Power?who had offered Rs 270 billion?to reassess their bids. Other bidders include Capri Global Holdings, Coal India, NTPC, Vedanta, JSW Energy, Jindal Power and Steel, iLab India Special Fund, Rashmi Metaliks, and Sherisha Technologies. Since the start of the corporate insolvency resolution process (CIRP), KSK Mahanadi Power has accumulated over Rs 90 billion in cash, thanks to the operation of three 600-megawatt units over the past five years. Following the NCLT's ruling, funds reserved for daily operations will be set aside, with the remaining balance distributed among the lenders. The recent NCLT order follows ten bidders' submission of resolution plans, all of which incorporated the company's available cash. Adani Power's proposal included Rs 125 billion as upfront cash, with the balance in cash equivalents and receivables. Capri Global Holdings offered Rs 250 billion, combining upfront payments, cash, and receivables. PWC-supported resolution professional Sumit Binani has acknowledged claims totaling Rs 293.3 billion. (ET)

The Hyderabad bench of the National Company Law Tribunal (NCLT) has authorised the distribution of Rs 64 billion in surplus cash among the lenders of KSK Mahanadi Power. This is a notable development as it marks the first instance where lenders will recover a portion of their dues before a resolution plan is finalised by the NCLT. The decision may prompt all bidders, including Adani Power?who had offered Rs 270 billion?to reassess their bids. Other bidders include Capri Global Holdings, Coal India, NTPC, Vedanta, JSW Energy, Jindal Power and Steel, iLab India Special Fund, Rashmi Metaliks, and Sherisha Technologies. Since the start of the corporate insolvency resolution process (CIRP), KSK Mahanadi Power has accumulated over Rs 90 billion in cash, thanks to the operation of three 600-megawatt units over the past five years. Following the NCLT's ruling, funds reserved for daily operations will be set aside, with the remaining balance distributed among the lenders. The recent NCLT order follows ten bidders' submission of resolution plans, all of which incorporated the company's available cash. Adani Power's proposal included Rs 125 billion as upfront cash, with the balance in cash equivalents and receivables. Capri Global Holdings offered Rs 250 billion, combining upfront payments, cash, and receivables. PWC-supported resolution professional Sumit Binani has acknowledged claims totaling Rs 293.3 billion. (ET)

Next Story
Infrastructure Urban

India to Invest Rs 600 Billion to Upgrade 1,000 ITIs

As part of its drive to modernise vocational training, the Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with Gujarat’s Labour and Employment Department, held a State-Level Workshop at the NAMTECH Campus within IIT-Gandhinagar to discuss the National Scheme for ITI Upgradation.The consultation brought together key stakeholders from industry and the training ecosystem to align expectations and support implementation of the scheme, which aims to transform 1,000 Industrial Training Institutes (ITIs) across India using a hub-and-spoke model. The total outlay stands ..

Next Story
Infrastructure Urban

India Unveils Rs 600 Billion Maritime Finance Push

The Ministry of Ports, Shipping & Waterways (MoPSW) hosted the Maritime Financing Summit 2025 in New Delhi, bringing together over 250 stakeholders including policymakers, industry leaders, global investors, and financial institutions. The summit, held under the ambit of Maritime Amrit Kaal Vision (MAKV) 2047, focused on transforming India into a leading maritime power with strengthened financial, infrastructural, and technological capabilities.Union Minister Sarbananda Sonowal emphasised India's strategic progress, noting that average port turnaround times have dropped from four days to u..

Next Story
Infrastructure Urban

Govt Allocates Rs 500 Million To Boost Community Radio

The Central Government, through its ‘Supporting Community Radio Movement in India’ scheme, has allocated Rs 500 million to strengthen the community radio ecosystem across the country. The initiative aims to assist both newly established and long-operational Community Radio Stations (CRSs), ensuring their relevance to local educational, social, cultural, and developmental needs.According to the policy published by the Ministry of Information and Broadcasting, CRSs may be set up by not-for-profit organisations with at least three years of demonstrated community service. These stations are ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?