RAIGARH CHAMPA RAIL
NCLT allows fresh round of bidding for KSK Mahanadi
The National Company Law Tribunal (NCLT) has allowed KSK Mahanadi Power Company Ltd's committee of creditors (CoC) to invite fresh bids for the company. This decision comes after the tribunal dismissed Megha Engineering & Infrastructure Ltd's objection, stating that the first round of bidding had already attracted interest from 12 prospective resolution applicants. The resolution professional (RP) argued that the change in circumstance, with KSK Mahanadi undergoing corporate insolvency resolution process (CIRP) on a standalone basis, warranted fresh bidding. The second round of bidding has seen interest from entities like Coal India Ltd and NTPC Ltd.
KSK Mahanadi to NCLT: Change of circumstances calls for fresh bidding
KSK Mahanadi Power Company, represented by its Resolution Professional's counsel, informed the NCLT, Hyderabad, on Monday, that new circumstances necessitate a reissuance of bids under the corporate insolvency resolution process (CIRP) for KSK Mahanadi Power, which entered insolvency proceedings in October 2019.
26 companies queue up for KSK Mahanadi power project
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.
RP sets date for second bidding for KSK Mahanadi resolution
Resolution professional sets new EoI date for KSK Mahanadi Power after failed takeover bids. Debts, creditor details, and twists in resolution process highlighted. Concerns over supporting companies' value addressed by NCLT.
KSK Mahanadi likely to undergo fresh bidding
The move will give a chance for a better valuation for the 1,800-MW project, which saw interest from the likes of Adani Power, Jindal Power and Vedanta Ltd in the first round of auctions, people close to the development said.
Six ARCs acquire 55% of KSK Mahanadi Power's Rs 29,330-crore debt
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."}
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PM lays foundation stone for redevelopment of 21 train stations in Chhattisgarh
Prime Minister Narendra Modi virtually inaugurated and laid the foundation stones for railway projects, including the redevelopment of 21 stations in Chhattisgarh. The Railway Budget has allocated over Rs 6,896 crore to Chhattisgarh, with plans to make Durg and Raipur stations world-class. Chhattisgarh's rail network has been 100% electrified.
KSK Mahanadi lenders may ask NCLT to speed up firm's sale process
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.
Punjab and Sind Bank to sell KSK Mahanadi loans to ARCs
Punjab and Sind Bank, frustrated by the delay in resolving KSK Mahanadi Power's 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.
World is heaping praise on Indian model of 'Garib Kalyan', says PM Modi
Prime Minister Narendra Modi highlighted India's success stories in various fields and emphasized that global organizations are looking to learn from India's achievements. He attributed this success to his government's focus on equal development and welfare of the poor in every region of the country.
PM Modi in Madhya Pradesh, Chhattisgarh on Thursday to launch development projects
The state-of-the-art Bina refinery of the Bharat Petroleum Corporation Limited, which will be developed at a cost of about Rs 49,000 crore, will produce about 1,200 KTPA (Kilo-Tonnes Per Annum) of ethylene and propylene, vital component for various sectors like textiles, packaging and pharma among others.
Jammu and Kashmir Bank likely to sell Rs 303 crore KSK Mahanadi Power debt to ASREC
The Swiss challenge auction is scheduled on February 27, according to a notice issued by the bank early this week. If the offer by the ASREC is not challenged, it will equate to a recovery of 40 paise on a rupee for J&K Bank.
UBI looks to sell KSK Mahanadi, Raigarh Champa debt to ASREC
An offer of ₹828 crore for KSK Mahanadi and ₹38 crore for Raigarh Champa Rail by ASREC last week triggered a Swiss challenge auction, the people said. The Swiss challenge auction is scheduled on February 15. ASREC is backed by Life Insurance Corporation (LIC) and three PSU banks-Indian Bank, Bank of India and Union Bank of India. Deutsche Bank has a small stake in the ARC.
Union Bank takes second shot at selling KSK Mahanadi loan account
The bank has set a Rs 828 crore reserve price to sell the account, a 10% reduction from the Rs 919 crore reserve price set by the bank in August. It envisages a recovery of 40% on the account, down from the 44% recovery expected last time.
State Bank sells distressed KSK Mahanadi loans to Aditya Birla ARC for Rs 1,622 crore
This would be the single-largest distressed loan sale on an upfront payment basis by any bank, equating to a recovery of 42% for the bank. Aditya Birla ARC's bid was supported by its joint venture partner, Varde Partners.
PowerGrid to commission 1st commercial e-vehicle fast charger next month
The company is in talks with Hyderabad Metro to install fast chargers at its 24 stations in the city, which can charge an e-vehicle in about an hour.
23 SECR zone stations to have Wi-Fi facility
Passengers will be able to log on to the Wi-Fi service at prominent railway stations of South East Central Railway zone, including Raipur.
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