Reportedly, the National Company Law Tribunal (NCLT) has approved the acquisition of SKS Power Generation by Sarda Energy & Minerals for Rs 22 billion.
The resolution plan was approved by the committee of creditors, led by State Bank of India and Bank of Baroda with support for Sarda’s offer. As a result, Indian banks with a total exposure of Rs 18.90 billion will be able to recover their full amount from the electricity generation company. SKS owns a 600 MW power plant in Chhattisgarh, which is currently being run by NTPC Limited.