Adani Power, in a stock exchange filing, said that National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Adani Power with regard to the revival of Essar Power (MP) Ltd.
The Principal Bench at New Delhi of NCLT, in its order dated November 1, 2021, approved the resolution plan submitted by Adani Power Ltd for the acquisition of Essar Power MP Ltd, which was undergoing insolvency resolution under the Insolvency and Bankruptcy Code.
Essar Power MP Ltd owns a 1,200-mw coal-fired power plant in Madhya Pradesh. Equipped with two coal-fired units of 600-mw each, the Mahan power plant is located in Singrauli district. Power generated from this plant is supplied to the National Grid through an interstate transmission network, spanning 465 km, covering Madhya Pradesh, Chhattisgarh and Gujarat.
According to the NCLT order, accessed by T&D India, the resolution plan of Adani Power Ltd was unanimously accepted by the Committee of Creditors (CoC).
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Apart from Adani Power, three other entities – NTPC, Vedanta Ltd and Jindal Pwer – were interested in taking over Essar Power MP Ltd. However, only Vedanta Ltd and Adani Power ultimately submitted their resolution plan of which that of Adani Power was approved. The voting for approval of the resolution plans of Adani Power and Vedanta Ltd was conducted on May 21, 2021.
