Key Points
Mumbai: Sarda Energy & Minerals' acquisition of the bankrupt SKS Power Generation has hit a bump with both Torrent Power and Vantage Point Asset Management appealing against the bankers' decision in separate petitions..
Vantage Point has submitted that its offer for a higher amount than offered by Sarda was not considered by the resolution professional..
After hearing these challenges, the two-judge bench of Prabhat Kumar and Kishore Vemulapalli directed the resolution professional Ashish Rathi to submit the relevant pages of CoC minutes detailing the decision-making process, the e-mail sent to resolution applicants to submit their plans and their reply to this communication..
Sarda's offer was higher by about 50 crore than the rest and though Vantage was close, it lost out on the evaluation matrix because it did not have any power sector experience," said a person familiar with the process...
"Though Vantage's offer was close, Sarda had promised to give all the proceeds from pending litigations amounting to 500 crore which also worked in its favour," this person said.. SKS owes 1,890 crore to Bank of Baroda and State Bank of India (SBI)..
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26, Mar, 23Nagpur-based Sarda Energy & Minerals, Delhi-based Jindal Power, public-sector utility NTPC, Gujarat-based Torrent Power, and Singapore-based Vantage Point Asset Management have submitted revised bids to take over SKS under the corporate insolvency resolution process.