NCLAT Directs RP to Submit Crucial Email in SKS Power Generation Case

The National Company Law Appellate Tribunal (NCLAT) has directed the resolution professional (RP) of SKS Power Generation to submit an email sent to Sarda Energy and Mining on May 8, 2023, for clarifications regarding its resolution plan. Torrent Power and Vantage Point Asset Management Pte, who were also bidders, appealed against the bid approval.

The National Company Law Appellate Tribunal (NCLAT) has instructed the resolution professional (RP) of SKS Power Generation to present an email sent on May 8, 2023, to the successful bidder, Sarda Energy and Mining, seeking clarifications on its resolution plan.

A three-member bench has mandated the RP to file an affidavit enclosing the email detailing communications between the SRA, Sarda Energy and Mining, and the RP. The case will be revisited on August 30 during the next hearing.

NCLAT's directive followed appeals from Torrent Power and Vantage Point Asset Management Pte against the National Company Law Tribunal's (NCLT) August 13 decision approving SEML's bid. Both parties contested the selection process, alleging modifications to key commercial terms under the guise of clarifications.

(With inputs from agencies.)