IBC proceeding: Adani Power to get entire claim for Korba project

In a rare insolvency and bankruptcy case (IBC), a Bench of the National Company Law Tribunal (NCLT) has approved a plan giving the unsecured financial creditor his entire claim while handing the secured lenders only 32.84 per cent of their claimed amount.

A recent order passed by the Ahmedabad Bench of the NCLT in case of the insolvent entity — Korba West Power — approved the resolution plan of Adani Power, which is also an unsecured creditor to the stressed company. Business Standard has reviewed the order copy.

Secured financial creditors have received Rs 1,100 crore, against their total admitted claim of Rs 3,346 crore, as mentioned in the NCLT order. The unsecured lenders have been provided 100 per cent of their Rs 1,685 crore claim under the approved plan, said the NCLT order.