Torrent Power Challenges NCLT Approval of SEML's Resolution Plan for SKS Power

Torrent Power has appealed to NCLAT against NCLT's approval of Sarda Energy's resolution plan for debt-ridden SKS Power Generation. The Mumbai bench previously rejected Torrent Power's application, who claimed discriminatory procedures in the bidding process and sought a copy of the approved plan, which was denied.

Torrent Power has moved the appellate tribunal, NCLAT, against the approval of Sarda Energy and Mining's resolution plan for the debt-ridden SKS Power Generation.

On August 13, the Mumbai-based bench of the National Company Law Tribunal (NCLT) approved Sarda Energy and Mining's (SEML) bid, rejecting applications from Torrent Power to acquire SKS Power Generation (Chhattisgarh).

Torrent Power objected to the selection process, terming it discriminatory, and argued that it had proposed the highest upfront payment. Their request for a copy of the approved plan was denied by the NCLT.

(With inputs from agencies.)