Adani Power Ltd emerges successful resolution applicant for Vidarbha Industries Power Ltd

The Committee of Creditors ("COC") of Vidarbha Industries Power Limited ("VIPL"), 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").

In this regard, APL has received a Letter of Intent ("LOI") from the Resolution Professional ("RP") on February 24, 2025 at 9:22 a.m.

VIPL owns and operates a 2x300 MW (600 MW) thermal power plant located in MIDC Industrial Area, Butibori, Nagpur, Maharashtra.

The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the National Company Law Tribunal, Mumbai 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. 470.15 as compared to the previous close of Rs. 478.80. The total number of shares traded during the day was 359854 in over 9678 trades.

The stock hit an intraday high of Rs. 478.20 and intraday low of 468.00. The net turnover during the day was Rs. 170082455.00.

Source : Equity Bulls

Keywords

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