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.
Six ARCs, led by Aditya Birla and Kotak Mahindra-backed, control majority debt in KSK Mahanadi Power due to lenders exits amid debt resolution delays. Prudent ARC recently acquired debt through a Swiss auction, ensuring an 80% recovery for the lender."}
On February 6, a requisite majority of KSK Mahanadi lenders passed a resolution to appeal to the National Company Law Tribunal (NCLT) to vacate a stay on the resolution process of the thermal power company and allow a standalone resolution of the company, the sources said.