Monnet Power Invites Bids To Sell Odisha Power Plant

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Monnet Power Company Limited has invited bids for sale of its power plant in Angul, Odisha. The company underwent bankruptcy proceedings last year, 

“Announcing the sale of the power plant of Monnet Power Company Limited under liquidation pursuant to National Company Law Tribunal (Mumbai Bench) order dated 23 October, 2019. Expressions of Interest towards purchase of the power plant are invited,” the company said in an advertisement in a newspaper.

The Angul plant is a subsidiary of Monnet Ispat, is a thermal power plant and comprises two units of 525 MW capacity each. It was incorporated for setting up a thermal power plant in Odisha in 2007.

Monnet Power owed around Rs 6,000 crore to a consortium of lenders, including State Bank of India and Punjab National Bank. On the directions issued by the Reserve Bank of India, in August 2017, IDFC Bank instituted proceedings under the Insolvency and Bankruptcy Code against it.

The adjudicating authority appointed an interim resolution professional of the company through its order dated 23 February, 2018, while GT Restructuring Services LLP was appointed professional advisors to assist the resolution professional in corporate insolvency resolution process.

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