SKS Power insolvency: CoC receive 1,950 cr from Sarda Energy and Mining

The lenders of SKS Power Generation have received an upfront payment of Rs 1,950 crore from Sarda Energy and Mining, the successful bidder for the debt-ridden thermal power producer, the insolvency appellate tribunal NCLAT was informed on Tuesday.

Moreover, allegations of "malafide" intention or aligning towards any party while approving the resolution plan from Sarda Energy were also rejected during the proceedings of the NCLAT by senior advocate Mukul Rohatahi, representing the lenders.

A proper evaluation was made based on the earlier direction given by the NCLAT in this matter and a "clear decision was made" by the Committee of Creditors (CoC) of SKS Power Generation.

"There is no case of malafide and we are not aligning to one party or the other. We have taken a call based on the commercial decision," he said.

Torrent Power and Singapore-based Vantage Point Asset Management Pte, which were also in the race to acquire SKS Power Generation, have challenged the NCLT order, approv