Torrent Power moves NCLAT against Sarda Energy's bid approval for SKS Power

Torrent power has moved the appellate tribunal NCLAT against the approval of Sarda Energy and Mining's resolution plan for the debt-ridden SKS Power Generation.

Earlier on August 13, the Mumbai-based bench of the National Company Law Tribunal (NCLT), while approving Sarda Energy and Mining's (SEML) bid, had rejected applications, including of Torrent Power, to acquire SKS Power Generation (Chhattisgarh).

Torrent Power had raised objections over the selection process, terming it to be discriminatory, and contended that it has proposed the highest upfront payment. The Torrent group firm also sought a copy of the approved plan, which was rejected by the NCLT.

The order has now been challenged by Torrent Power before the Delhi-based bench of the National Company Law Appellate Tribunal (NCLAT).

Torrent Power's petition is scheduled for hearing on Tuesday before a three-member bench of the NCLAT headed by its Chairperson Justice Ashok Bhushan.

Corporate Insolvency Resolution Process (CI