JSW Energy recalls bid for acquiring Ind-Bharat Energy

JSW Energy has announced to terminate its resolution plans to take over the stressed thermal power asset Ind-Bharat Energy (Utkal) Limited. …

Ind-Barath owns a 700 MW thermal power plant which is under construction in Odisha. On October 3, 2019, a resolution plan had been submitted by JSW Energy to the Committee of Creditors (CoC) for the corporate insolvency resolution of Ind-Barath Energy (Utkal) Limited (corporate debtor). Reportedly, in the intervening period of over 15 months since the submission of the resolution plan, a material adverse change (MAC) event, as defined under the resolution plan has occurred. A MAC event entitles the company to terminate the resolution plan.

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