Sumit Binani News Today

Green Energy Stocks in India 2024

The National Company Law Tribunal (NCLT) vacated the stay on the auction of the power project on April 5, paving the way for a fresh round of bidding. The total claim of lenders on the project is pegged at about Rs 32,000 crore. These companies have given expressions of interest, which were to be submitted by April 26 and the timeline to give a resolution plan by the interested parties is June 18, according to the timeline set by resolution professional Sumit Binani.

Six ARCs, led by Aditya Birla and Kotak Mahindra-backed, control majority debt in KSK Mahanadi Power due to lenders exits amid debt resolution delays. Prudent ARC recently acquired debt through a Swiss auction, ensuring an 80% recovery for the lender."}

On February 6, a requisite majority of KSK Mahanadi lenders passed a resolution to appeal to the National Company Law Tribunal (NCLT) to vacate a stay on the resolution process of the thermal power company and allow a standalone resolution of the company, the sources said.

Jindal Power, a unit of India's Jindal Steel & Power Ltd, has submitted a 140 billion rupees ($1.69 billion) bid for a coal-based power plant ......

Jindal Power, a unit of Indias Jindal Steel & Power Ltd, has submitted a 140 billion rupees bid for a coal-based power project in the eastern region, two sources familiar with the development...

Jindal Power has submitted a bid for the distressed KSK Mahanadi project in Chhattisgarh, a coal-based power project that is being eyed by Adani Power and Vedanta Ltd. The 1,800-megawatt power project, built by KSK Energy Ventures, is one of many distressed coal-fired private power stations in insolvency proceedings. Jindal Powers unsolicited bid shows renewed interest in coal-based power plants in India as the country expects its peak demand to cross 260-gigawatts this year.

Punjab and Sind Bank, frustrated by the delay in resolving KSK Mahanadi Powers corporate insolvency, plans to sell its debt to asset reconstruction companies (ARCs). The bank has invited offers from ARCs for its loans to KSK Mahanadi Power and KSK Water Infrastructure.

 Kolkata : Sumit Binani takes over the baton as the President of ACAE from CA P. D. Rungta for the term 2023-24. ACAE is one of the oldest and illustrious Association founded in the year 1960 and comprises about 1600 members who are professional