A bankruptcy court has admitted the insolvency plea against Sai Wardha Power Generation Ltd, which runs a 540megawatt (MW) power plant. The National Company Law Tribunal’s (NCLT) Hyderabad bench admitted the insolvency plea filed by fund India Opportunities III Pte Ltd and trustee services firm Vistra ITCL (India) Ltd.
The private equity fund and the trustee had approached the tribunal with a claim of ₹91.49 crore. The tribunal has also approved the name of V. Venkatachalam as the interim resolution professional.
“The power firm defaulted on debenture trust deeds that it entered with the fund and the trust in June 2017. The debentures were subscribed by investors in two tranches,” said lawyers representing the lenders.
“The firm issued 390 debentures upon execution of debenture trust deed in June 2017 and 460 debentures on July 2017 for the aggregate value of ₹85 crore,” they added. Read More