Lenders Approve Adani Power's Resolution Plan For Vidarbha Industries Power
Adani Power receives a letter of intent from the resolution professional of Vidarbha Industries, a subsidiary of Reliance Power
(The Corner Office Journal) -- Adani Power Ltd. said its resolution plan for bankrupt Vidarbha Industries Power Ltd. has been approved by the company’s committee of creditors.
Adani Power today (24 February) received a letter of intent (LOI) from the resolution professional of Vidarbha Industries, a subsidiary of Reliance Power Ltd., the Adani Group company said in a stock exchange announcement.
The company didn’t disclose the financial details.
Adani Power said the implementation of the resolution plan is subject to the LOI terms as well as requisite approvals from the National Company Law Tribunal and other regulatory approvals.
Vidarbha Industries owns and operates a 600-megawatt (MW) thermal power plant, with two 300-MW units each in Nagpur in Maharashtra state.
The company was admitted into the corporate insolvency resolution process on 30 September 2024 following a petition filed by its financial creditor CFM Asset Reconstruction Private Ltd.
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