Reportedly, the Adani Group and Reliance Industries did not participate in the third round of bidding during the auction for insolvent Lanco Amarkantak Power Limited.
The lenders to the thermal power company undergoing corporate insolvency had invited three resolution applicants, namely, Adani Power, Reliance Industries, and Power Finance Corporation Limited-REC Limited team, to bid at the auction. The two companies cited violation in the process of sale, as the challenge mechanism violates the Insolvency and Bankruptcy Code, as there is no provision for it in the relevant legislation. Lanco operates a thermal power plant in Chhattisgarh. The first phase of the plant has been commissioned and the second phase is under construction.