SC asks NTPC to disclose JPL resolution plan

The Supreme Court has asked NTPC to “keep ready and available” its resolution plan for acquisition of stressed Jhabhua Power Ltd (JPL) after promoters alleged suppression of facts by the former during the insolvency proceedings for the Madhya Pradesh-based thermal plant.

The country’s largest power generating company had acquired the 600-MW Jhabua thermal project of Gautam Thapar-owned Avantha Group for `1,830 crore through the Insolvency and Bankruptcy Code process. The NCLAT had on July 4 upheld the March 8 order of the National Company Law Tribunal, Kolkata Bench, that had declared NTPC Ltd as the successful resolution applicant in the corporate insolvency resolution of JPL. This appellate tribunal’s order has been challenged by Avantha Holdings Ltd (AHL) and Anil Bhargava, the promoter of JPL, before the apex court.