NTPC NSE -3.05 % is set to buy Jhabua Power, its first acquisition under the Insolvency and Bankruptcy Code (IBC), after the adjudicating authority upheld a lower bench order that had initially validated the government-owned power producer’s eligibility status to bid for the distressed asset. State Bank of India NSE 1.28 %, Axis Bank NSE 0.96 % and Punjab National Bank NSE 0.34 % are among the lenders to the stalled project.
