The power ministry has asked the finance ministry to bid out stressed power assets in the insolvency court through a forward online auction.
NTPC is eyeing about 10 GW of the nearly 30 GW of private power plants likely to move to the bankruptcy court if lenders are unable to close resolution proceedings before the November 14 Supreme Court hearing. An NTPC executive said the forward auction bidding will be more transparent and spare the company from questions on asset valuations. At present, auction in the National Company Law Tribunal (NCLT) is carried out in sealed envelopes. The power ministry is demanding bidding akin to the forward e-auction for non-power coal blocks where the bidders can see highest bids on screen and revise their bids. Read more