NCLAT Asks RP to Submit Email to Sarda Energy on SKS Power Resolution Plan

New Delhi, Aug 21 (PTI) The NCLAT on Wednesday directed the resolution professional of SKS Power Generation to submit and bring on record the e-mail sent to the successful bidder, Sarda Energy and Mining on May 8, 2023, seeking clarifications over its resolution plan.

A three-member bench has directed the RP to file an affidavit with the e-mail having communications between the SRA (successful resolution applicant) Sarda Energy and the RP and directed to list the matter on August 30 for the next hearing.

NCLAT was hearing the appeals filed by Torrent Power and Singapore-based Vantage Point Asset Management Pte, against the order of the Mumbai bench of the National Company Law Tribunal (NCLT), which on August 13, approved Sarda Energy and Mining's (SEML) bid.

Both the petitioners were also in the race to acquire the debt-ridden thermal power producer and opposed the selection of SEML's bid by the CoC. NCLT had rejected their pleas against approval of SEML's bid.

On Wednesday, when arguments resumed before the National Company Law Appellate Tribunal (NCLAT), the Chairman observed that the petitioners raised only two issues and one of them was about the e-mail from RP and the lenders on May 8, 2023.

He asked the counsel representing RP and the Committee of Creditors (CoC) to submit that e-mail, which was agreed upon.

"The counsel of resolution professional seeks liberty to bring on record the e-mail dated May 8, 2023, which was sent to SRA (Sarda Energy and Mining)," said the NCLAT order.

The RP also said he would keep all "other relevant records" ready for purview of the NCLAT if so required.

Torrent Power has alleged a change in key commercial terms by the SRA in garb of clarification. On May 8, 2023, RP sent e-mails to all prospective resolution applicants including SRA.

The principal contention of the Torrent Group firm is on the aspect of alleged modification in the key commercial terms of the resolution plan by the SRA in the garb of clarification sought by RP from the Resolution Applicants and the perversity and discrimination emanating from the same.

On Tuesday, lenders of SKS Power Generation had informed NCLAT that they have received an upfront payment of Rs 1,950 crore from Sarda Energy and Mining, the successful bidder.

Moreover, they have also rejected the allegations of "malafide" intention or aligning towards any party while approving the resolution plan from Sarda Energy.

A proper evaluation was made based on the earlier direction given by the NCLAT in this matter and a "clear decision was made" by the Committee of Creditors (CoC) of SKS Power Generation, the lenders had submitted.