The National Company Law Tribunal (NCLT) has given the nod for the acquisition of SKS Power Generation by Sarda Energy & Minerals for Rs 2,200 crore. SKS owns a 600-MW power plant in Chhattisgarh, which is currently being run by NTPC.

The committee of creditors, led by State Bank of India (SBI) and Bank of Baroda (BoB), approved the resolution plan with 100 percent voting in favour of Sarda’s offer. SKS Power Generation (Chhattisgarh) was set up by Anil Gupta of SKS Ispat. It was sent to the bankruptcy court after it defaulted on loans to SBI and BoB in April 2022.

Seven companies, including Vantage Point Asset Management Pte and Torrent Power, had submitted their offers for the company. In May this year, the National Company Law Appellate Tribunal (NCLAT) had allowed Sarda Energy to seek permission of the NCLT to get clearance for its offer.