Resurgent Power Ventures Private Limited (Resurgent) has been awarded a letter of intent (LoI) by the resolution professional ofSouth East UP Power Transmission Company Limited (SEUPPTCL), selecting Resurgent as asuccessful resolution applicant under insolvency and bankruptcy code (IBC) proceedings. …
The transaction is part of a stressed asset resolution process initiated by a resolution professional through a competitive bidding process.SEUPPTCL was incorporated as a special purpose vehicle (SPV) formed by Uttar Pradesh Power Transmission Company Limited (UPPTCL) to implement and operate the specified intra-state transmission system for a period of 35 years under public-private partnership model on build, own, operateandtransfer basis.Resurgent will invest equity and raise debt in SEUPPTCL at a total enterprise value of more than Rs 60 billion to implement and commission the elements timely and turnaround the asset that will maximise value for all the stakeholders.