JSW Energy pulls out of Ind-Bharat acquisition

JSW Energy has decided to terminate its resolution plans to take over the stressed thermal power asset Ind-Bharat Energy (Utkal), according to an exchange notification from the company on Tuesday. The company said that a “material adverse event” that took place during the 15 months after the plan was submitted has led it to withdraw its resolution plan.

JSW had offered ₹1,000 crore for the Ind-Bharat assets.

“We wish to inform you that the company had submitted a Resolution Plan to the Committee of Creditors for the Corporate Insolvency Resolution of Ind-Barath Energy (Utkal) Ltd on 3rd October, 2019,” the notification said. “As informed vide letter dated 14th October, 2019, the Resolution Plan was approved by the CoC on 14th October, 2019 and the Resolution Professional filed an application to the National Company Law Tribunal for approval of the same.