Vedanta, Jindal Power among top suitors for GVK Power & Infra

19 Nov 2024 , 09:57 AM

GVK Power and Infrastructure Ltd, which is currently in the corporate insolvency resolution process (CIRP), released a provisional list of prospective resolution applicants (PRAs) on Monday (November 18), as part of its ongoing efforts to initiate a resolution under the Insolvency and Bankruptcy Code, 2016.

The provisional list includes significant industry firms including Vedanta Ltd, Jindal Power Ltd, Shyam Sel and Power Ltd, JSW Energy Ltd, and Zeal Global Opportunities Fund. These applicants have shown an interest in the resolution process following the issuing of Form G for the invitation of expressions of interest (EOIs), which was approved by the Committee of Creditors. 

The list, issued by the resolution professional (RP), is still subject to revisions depending on clarifications requested from applicants. According to the CIRP regulations, stakeholders have until November 23, 2024, to file objections to the inclusion or deletion of any application from the preliminary list.

On July 16, 2024, the National Company Law Tribunal (NCLT) in Hyderabad declared GVK Power and Infrastructure bankrupt and began a CIRP for defaulting on a debt of ₹18,000 Crore (with interest) to ICICI Bank and other banks.

GVK Coal Developers (Singapore) Pte Ltd obtained the loan more than a decade ago, with GVKPIL acting as the guarantee. The NCLT Bench issued the order on July 12, and it was made public on Monday. ICICI Bank filed the petition in 2022.

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