NCLT orders RP to restart corporate resolution at KSK Mahanadi

Two years after being admitted by the National Company Law Tribunal (NCLT), the corporate resolution process of power producer KSK Mahanadi Power that attracted Adani, Resurgent Power Venture and Vedanta has not concluded.

In a recent order, the Hyderabad bench of the tribunal directed the resolution professional (RP) to restart the process, after Riddhi Siddhi Gluco Biols (RSGBL) claimed that it was not given a fair chance to participate as an applicant even as the committee of creditors (CoC) made an exception for a Naveen Jindal group company, according to a court order.