Summary
The Supreme Court allowed a consortium including Adani Power Ltd to operate a power plant of Coastal Energen Pvt, a bankrupt company that it successfully bid for, overruling an appellate tribunal’s interim order that directed the resolution professional to take charge of the plant.
Adani Power shares climbed 4.1% to ₹652.50 on the BSE at 3:16 pm on Thursday.
He contended that Adani Power had sent an expression of interest email in its independent capacity, which was rejected by the committee of creditors.
It provides for the secured lenders of Coastal Energen to receive about ₹3,330 crore, which is 28.5% of the admitted claims totaling about ₹11,677 crore.
Sherisha Technologies Pvt Ltd and Jindal Power Ltd also bid to acquire the company, which owned the 1,200 MW thermal power plant.