NTPC Ltd is expected to place its first bid for a stressed asset under the insolvency and bankruptcy framework soon.
According to officials in the know, NTPC plans to bid for the Jhabua power project in Madhya Pradesh and is currently in the process of conducting due diligence for the project.
NTPC officials said they want to bid for projects that are operational and nearer to sources of coal.
The project is a subsidiary of Avantha Power & Infrastructure Ltd. JPL currently has 600 MW of fully operational thermal power generation capacity and 660 MW under implementation.
Claims raised
Financial creditors have raised claims of more than Rs. 5,066 crore against JPL. Of these, claims of Rs. 1,034.5 crore have been raised by Power Finance Corporation while Rs. 732.03 crore have been raised by the State Bank of India.
The Avantha Group was founded by Gautam Thapar. The Group has business interests in diverse areas including pulp and paper, power transmission and distribution equipment and services, food processing, farm forestry, chemicals, energy, infrastructure, information technology (IT) and IT-enabled services.
The Group companies include Crompton Greaves Ltd,Ballarpur Industries Ltd , and Avantha Power & Infrastructure Ltd , amongst others.
Insolvency proceedings against JPL were initiated by the National Company Law Tribunal (NCLT) in March.
JPL currently has 600 MW of fully operational thermal power generation capacity and 660 MW under implementation.
via NTPC eyes Avantha’s insolvency-hit Jhabua project in Madhya Pradesh – NEWS – The Hindu BusinessLine
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