The creditors met earlier this week and decided to extend the deadline by a few weeks. The last date was the first Friday (25 November).
“There were requests from various bidders. NTPC Limited For example, being a public sector company, more time was required to obtain government and board approvals. Some private sector companies like Torrent, Adani and Jindal Power also wanted a few more days. Hence, it was thought that it was best to give some more time to all,” said a person involved in the process.
23 applicants have shown interest in the company. They include big Indian groups like Reliance Industries And this Adani Groupand power sector companies torrent powerJindal Power, Hindustan Powerprojects, Sharda Energy & Minerals and Jindal India Thermal. Some bad loan aggregators had also shown interest but are unlikely to bid recently reserve Bank of India The rules say that these companies must have a minimum net worth of Rs 1,000 crore to qualify for bidding.
SKS Power Generation is going through a corporate insolvency and resolution process from April 2022 with outstanding dues to two lenders led by SKS. Bank of BarodaTotal Rs 1,890 crore.
The plant halted production earlier this year after Hong Kong-listed owner Agritrade Resources failed to keep it operational due to its financial difficulties.