NCLT approves Rs 64 billion surplus cash distribution to KSK Lenders

09 Aug 2024 CW Team

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)

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