State-owned NTPC will place a bid for the stressed 1,800 megawatt (MW) KSK Mahanadi thermal power project in Chhattisgarh, official sources said. KSK Mahanadi is currently undergoing a corporate insolvency resolution process (CIRP) at the National Company Law Tribunal (NCLT).
The company defaulted on bank loans worth Rs 20,000 crore in 2018. The lead lender for the project is the state-owned non-banking financial corporation Power Finance Corporation Limited. Following this, the lenders initiated the debt restructuring through haircut and sale of the assets. Adani Power was one of the bidders for the project but it withdrew in 2019. The company in 2020 was then submitted to the NCLT under the Insolvency and Bankruptcy Code (IBC).
