Power producers plan to oppose insolvency proceedings

Lanco Amarkantak Limited (1,920 MW TPP in Madhya Pradesh), Avantha Power Limited (660 MW Jhabua project), KSK Energy Ventures (600 MW KSK Mahanadi power project), RattanIndia Power (1,350 MW Amaravati project) and RattanIndia Nashik Power Limited (1,350 MW Nashik project) are planning to oppose insolvency proceedings. Lenders had filed petitions against them as per the RBI circular dated February 12, 2018 regarding debt resolution, which was recently quashed by the Supreme Court. These producers account for over Rs 500 billion of unpaid dues.