NCLT Hyderabad Approves Adani Power's ₹4,000 Cr Resolution Plan For Lanco Amarkantak Acquisition

NCLT Hyderabad Approves Adani Power's ₹4,000 Cr Resolution Plan For Lanco Amarkantak Acquisition

NCLT Hyderabad approves Adani Power’s resolution plan for acquisition of Lanco Amarkantak for a total resolution amount of over INR 4000 Crores

Lanco Amarkantak Power Limited runs a 2x300 MW (600 MW) thermal power plant in Chhattisgarh and was admitted into Corporate Insolvency Resolution Process (CIRP) in September 2019 due to defaults in loans advanced towards the second phase of the plant.

This was a unique process where resolution plans/ offers were submitted thrice over in the interest of value maximization, making it one of the longest run processes in the country since the IBC came into force. On 26 March 2024, the CCI had accorded its approval for the 100% acquisition of Lanco Amarkantak by Adani Power Limited.

On 21 August 2024, the NCLT Hyderabad approved Adani Power’s plan thereby bringing the five-year long resolution process to an end. The fine print of the order is awaited.

Trilegal Dispute Resolution team led by Partner Ramakant Rai along with Partners Ashish Bhan, Mohit Rohatgi and supported by attorneys Aayush Mitruka and Ravin Kapur, Counsels; Lisa Mishra, Senior Associate; Shivam Sharan, Ashwini Kumar Tak, Lohitaksh Shively, Associates, advised and acted for the Resolution Professional of Lanco Amarkantak in its CIRP.