CoC tells NCLAT that Sarda Energy’s Rs 2,000 crore resolution plan for SKS Power approved by 100% voting

The committee of creditors (CoC) of SKS Power Generation, comprising the State Bank of India (SBI) and the Bank of Baroda (BoB), informed the National Company Law Appellate Tribunal (NCLAT) on Tuesday that the resolution plan submitted by Sarda Energy and Minerals (SEML) was approved with 100% voting. SEML has already deposited Rs 1,950 crore in an escrow account as per the terms of the resolution plan.

During the hearing on Tuesday, the CoC further submitted that SEML's resolution plan was approved after an overall commercial assessment of all the proposed plans. These submissions were made to the NCLAT after Torrent Power approached the tribunal against the National Company Law Tribunal (NCLT) order that approved SEML's resolution plan for SKS Power Generation on August 13.

The hearing will continue on Wednesday.


SKS operates a coal-based power plant with a total capacity of 600 MW and infrastructure ready for an additional 600 MW.

SKS, promoted by Anil Gupta, was admitted to the Corporate Insolvency Resolution Process in April 2022 following an application filed by the Bank of Baroda after the company defaulted on its loan worth Rs 1,890 crore.