Mumbai: The creditors\u2019 committee of Ind-Barath Energy on Tuesday terminated JSW Energy\u2019s Rs 1,000-crore offer for the bankrupt company. Their action follows JSW Energy\u2019s deal termination notice to Ind-Barath\u2019s resolution professional, citing \u2018material adverse change\u2019 (MAC) event.
\nThis is the second M&A that JSW Energy has terminated since the Covid outbreak. In July 2020, JSW Energy had terminated its Rs 5,321-crore deal to acquire GMR\u2019s Odisha thermal power plant.In October 2019, JSW Energy submitted a resolution plan for Ind-Barath, which owns a 700MW under-construction thermal power unit in Odisha. In 11 days, JSW Energy was informed that its plan was accepted by Ind-Barath\u2019s creditors and the resolution professional subsequently filed an application with the company law tribunal seeking its nod.
\nOn Tuesday, JSW Energy in a regulatory filing, said in the intervening period of more than 15 months since the submission of its offer, an MAC event has occurred, which allows the company to terminate its offer. Accordingly, JSW Energy served a deal termination notice to Ind-Barath\u2019s resolution professional.<\/p>\n","protected":false},"excerpt":{"rendered":"
Mumbai: The creditors\u2019 committee of Ind-Barath Energy on Tuesday terminated JSW Energy\u2019s Rs 1,000-crore offer for the bankrupt company. Their action follows JSW Energy\u2019s deal termination notice to Ind-Barath\u2019s resolution professional, citing \u2018material adverse change\u2019 (MAC) event. This is the second M&A that JSW Energy has terminated since the Covid outbreak. In July 2020, JSW Energy had terminated its Rs 5,321-crore deal to acquire GMR\u2019s Odisha thermal power plant.In October 2019, JSW Energy submitted a resolution plan for Ind-Barath, which owns a 700MW under-construction thermal power unit in Odisha. In 11 days, JSW Energy was informed that its plan was […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,246,137],"tags":[],"class_list":["post-398790","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-power-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/398790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=398790"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/398790\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=398790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=398790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=398790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}