Chandhiok & Mahajan Advised Sarda Energy & Minerals On Acquisition Of Thermal Power Plant
Chandhiok & Mahajan Advised Sarda Energy & Minerals On Acquisition Of Thermal Power Plant
Chandhiok & Mahajan Advocates and Solicitors advised Sarda Energy & Minerals Limited (Sarda) in its successful acquisition of SKS Power Generation Chhattisgarh Limited, which operates a 600 MW thermal power plant in Chhattisgarh.
The acquisition was part of the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, with a deal value exceeding INR 1900 crores. The resolution plan submitted by Sarda was approved by the National Company Law Tribunal (NCLT) on 13 August 2024.
Chandhiok & Mahajan also successfully defended Sarda in various applications and appeals filed by unsuccessful resolution applicants before the NCLT and the National Company Law Appellate Tribunal (NCLAT), challenging the approval of Sarda's resolution plan. The NCLAT, in its judgment dated 1 October 2024, upheld the NCLT's order approving the plan and dismissed the objections raised by the unsuccessful applicants.
The Restructuring & Insolvency Team at Chandhiok & Mahajan was led by Pooja Mahajan, Managing Partner and Head of the Restructuring & Insolvency Practice, and supported by Nishant Sogani (Counsel), Savar Mahajan (Managing Associate), Saurabh Bachhawat (Managing Associate), Shrishti Agnihotri (Associate), Shreya Mahalwar (Associate), and Priyanka Pandey (Associate).
