NCLT extends time for Ind-Barath’s insolvency process
A bankruptcy court has approved the plea of the resolution professional to extend the time for corporate insolvency resolution process (CIRP) at Ind-Barath Energy (Utkal), paving the way for implementing a lender-approved resolution plan by JSW EnergyNSE -2.36 %.
Udayraj Patwardhan, the resolution professional who had approached the Hyderabad bench of the National Company Law Tribunal (NCLT), confirmed the extension but declined to discuss the financial details of the plan. However, a person aware of the development told ET that JSW Energy offered around Rs 850 crore, a fifth higher than the withdrawn bid of Vedanta.
