Adani Power declared successful resolution applicant for Lanco Amarkantak Power Ltd

The Committee of Creditors ("COC") of Lanco Amarkantak Power Limited ("LAPL"), a company undergoing Corporate Insolvency Resolution Process ("CIRP") under the Insolvency and Bankruptcy Code 2016 ("IBC") has approved the Resolution Plan submitted by Adani Power Limited ("APL").

APL has received a Letter of Intent ("LOI") from the Resolution Professional ("RP") on March 04, 2024 at 11:25 p.m.

LAPL owns and operates a 2x300 MW (600 MW) thermal power plant (PhaseI) at Pathadi Village in Korba District of Chhattisgarh. The Phase-I capacity is tied up with Haryana and Madhya Pradesh DISCOMs under long term Power Purchase Agreements. It is also setting up 2x660 MW (1320 MW) expansion capacity under Phase-II.

The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the NCLT and / or any other regulatory authority / courts / tribunal (as the case may be) under applicable laws.

Shares of Adani Power Limited was last trading in BSE at Rs. 559.00 as compared to the previous close of Rs. 556.60. The total number of shares traded during the day was 159310 in over 3746 trades.

The stock hit an intraday high of Rs. 561.00 and intraday low of 550.20. The net turnover during the day was Rs. 88908771.00.

Source : Equity Bulls

Keywords

AdaniPower INE814H01011 ResolutionPlan Approved LancoMarkantakPower