Creditors met earlier this week and decided to extend the deadline by a couple of weeks. The last date was previously Friday (November 25).
“There were requests from various bidders. NTPC Ltd for example, being a public sector company, needed more time to get government and board approvals. Some private sector companies like Torrent, Adani and Jindal Power also wanted a few more days. So, it was thought that giving everyone some more time was the best,” said a person involved in the process.
As many as 23 applicants have expressed interest in the company. They include large Indian conglomerates such as Reliance Industries and the Adani Group, and power sector companies Torrent Power, Jindal Power, Hindustan Powerprojects, Sarda Energy & Minerals and Jindal India Thermal.
Some bad loan aggregators had also expressed interest but are unlikely to put in a bid because latest Reserve Bank of India rules say these companies must have a minimum net worth of Rs 1,000 crore to qualify for bidding.
SKS Power Generation is undergoing a corporate insolvency and resolution process since April 2022 and owes two lenders, led by Bank of Baroda, a total of Rs 1,890 crore.
The plant had stopped production earlier this year after Hong Kong-listed owner Agritrade Resources failed to keep it running due to financial difficulties of its own.
