SKS Power Insolvency Resolution
POWER & RENEWABLE ENERGY

SKS Power Insolvency Resolution

In a significant development in the ongoing insolvency resolution process of SKS Power, the Committee of Creditors (CoC) has received a ?1,950 crore bid from Sarda Energy and Mining. This bid represents a crucial step towards resolving the financial distress of SKS Power, a company that has been struggling with mounting debts and operational challenges in the power sector.

Sarda Energy's offer includes a combination of upfront cash payments and the assumption of SKS Power's existing liabilities. This bid is expected to provide much-needed relief to the creditors, who have been working to recover their dues through the insolvency proceedings. The CoC, which comprises representatives from various financial institutions and creditors, has been instrumental in evaluating and negotiating the terms of the resolution plan.

The acceptance of Sarda Energy's bid marks a pivotal moment in the insolvency process, as it not only paves the way for the restructuring of SKS Power's debt but also signals a potential revival of the company's operations. The infusion of funds will enable SKS Power to address its financial obligations and possibly resume its power generation activities, which have been severely impacted by its financial difficulties.

The successful resolution of SKS Power's insolvency case also reflects the increasing role of strategic asset acquisitions in the power sector, where financially stronger entities are stepping in to acquire distressed assets. Sarda Energy's involvement is expected to bring in the necessary financial stability and operational expertise to turn around the fortunes of SKS Power.

This development is part of a broader trend in the Indian power sector, where several companies are undergoing insolvency resolutions due to the sector's high levels of debt and operational inefficiencies. The resolution of SKS Power's insolvency case is likely to have positive implications for the company's stakeholders, including its employees, creditors, and customers, as well as for the overall power industry in India.

As the process moves forward, attention will be focused on how Sarda Energy and Mining will manage and integrate SKS Power's assets into its portfolio and how effectively the resolution plan will be implemented to ensure the long-term viability of the company.

The 14th RAHSTA Expo, part of the India Construction Festival, will be held on October 9 and 10, 2024, at the Jio Convention Centre in Mumbai. For more details, visit: https://rahstaexpo.com

In a significant development in the ongoing insolvency resolution process of SKS Power, the Committee of Creditors (CoC) has received a ?1,950 crore bid from Sarda Energy and Mining. This bid represents a crucial step towards resolving the financial distress of SKS Power, a company that has been struggling with mounting debts and operational challenges in the power sector. Sarda Energy's offer includes a combination of upfront cash payments and the assumption of SKS Power's existing liabilities. This bid is expected to provide much-needed relief to the creditors, who have been working to recover their dues through the insolvency proceedings. The CoC, which comprises representatives from various financial institutions and creditors, has been instrumental in evaluating and negotiating the terms of the resolution plan. The acceptance of Sarda Energy's bid marks a pivotal moment in the insolvency process, as it not only paves the way for the restructuring of SKS Power's debt but also signals a potential revival of the company's operations. The infusion of funds will enable SKS Power to address its financial obligations and possibly resume its power generation activities, which have been severely impacted by its financial difficulties. The successful resolution of SKS Power's insolvency case also reflects the increasing role of strategic asset acquisitions in the power sector, where financially stronger entities are stepping in to acquire distressed assets. Sarda Energy's involvement is expected to bring in the necessary financial stability and operational expertise to turn around the fortunes of SKS Power. This development is part of a broader trend in the Indian power sector, where several companies are undergoing insolvency resolutions due to the sector's high levels of debt and operational inefficiencies. The resolution of SKS Power's insolvency case is likely to have positive implications for the company's stakeholders, including its employees, creditors, and customers, as well as for the overall power industry in India. As the process moves forward, attention will be focused on how Sarda Energy and Mining will manage and integrate SKS Power's assets into its portfolio and how effectively the resolution plan will be implemented to ensure the long-term viability of the company.

Next Story
Infrastructure Transport

Government Plans NHAI Bond Buyback

The government is reportedly planning a large-scale bond buyback program worth ?50,000 to ?70,000 crore to help reduce the debt burden of the National Highways Authority of India (NHAI). Over the past few years, NHAI has accumulated a significant amount of debt as it undertook numerous large-scale highway construction projects across the country. This bond buyback plan is intended to improve the organization’s financial health and provide relief from high-interest expenses. The bond buyback would involve repurchasing bonds from investors, allowing NHAI to reduce its outstanding liabilities. ..

Next Story
Infrastructure Transport

Bullet Train Project Receives Critical Supplies

More than 35,000 MT of rails, track construction machinery, and other essential supplies have been delivered for India's ambitious bullet train project, according to the National High-Speed Rail Corporation Limited (NHSRCL). This delivery marks a significant step forward for the Mumbai-Ahmedabad bullet train corridor, a high-priority project designed to introduce India’s first-ever high-speed rail network. The large-scale shipment includes rails from Japan and machinery that will support track laying and construction for the high-speed rail corridor. NHSRCL revealed that these supplies are c..

Next Story
Infrastructure Transport

SC clears Gaggal airport expansion project.

The Supreme Court's decision comes as a significant relief to the state government, which had been pushing for the expansion to enhance connectivity and tourism in the Kangra Valley. The project had been stalled following the Himachal Pradesh High Court’s intervention, primarily due to petitions filed by local farmers and environmental activists. They raised concerns over the acquisition of agricultural land and the potential environmental consequences of the airport’s expansion. The High Court had issued a stay on the project, pending further examination of these issues. However, with the..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000