KSK Mahanadi Power Company, represented by its Resolution Professional s counsel, informed the NCLT, Hyderabad, on Monday, that new circumstances necessitate a reissuance of bids under the corporate insolvency resolution process (CIRP) for KSK Mahanadi Power, which entered insolvency proceedings in October 2019.
The National Company Law Tribunal (NCLT) vacated the stay on the auction of the power project on April 5, paving the way for a fresh round of bidding. The total claim of lenders on the project is pegged at about Rs 32,000 crore. These companies have given expressions of interest , which were to be submitted by April 26 and the timeline to give a resolution plan by the interested parties is June 18, according to the timeline set by resolution professional Sumit Binani.
Punjab and Sind Bank, frustrated by the delay in resolving KSK Mahanadi Power s corporate insolvency, plans to sell its debt to asset reconstruction companies (ARCs). The bank has invited offers from ARCs for its loans to KSK Mahanadi Power and KSK Water Infrastructure.