Lanco Amarkantak Power Limited‘s Committee of Creditors greenlights the Resolution Plan presented by Adani Power Limited, marking a significant step forward in the Corporate Insolvency Resolution Process (CIRP) governed by the Insolvency and Bankruptcy Code 2016 (IBC).
Lanco Amarkantak Power Limited is a significant player in the power generation sector in India. The company operates a coal-based thermal power plant in Chhattisgarh, with a total installed capacity of 1920 MW. It is committed to producing clean and sustainable energy, leveraging advanced technologies and best practices in power generation.
Adani Power Limited, a part of the Adani Group, is one of India’s largest private sector power generation companies. The company operates thermal power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, and Chhattisgarh, with a total installed capacity of over 12,000 MW.
Adani Power is known for its efficient and sustainable power generation practices, focusing on innovation and technology to meet India’s growing energy needs. The company is committed to environmental sustainability and social responsibility, striving to create a positive impact on the communities where it operates.
Adani Power received a Letter of Intent (LoI) from Lanco Amarkantak’s resolution professional on March 4, 2024, thereby formalizing the approval of their proposed plan. This pivotal development was disclosed by Adani Power in a regulatory filing, wherein they stated, “The Committee of Creditors (‘COC’) of Lanco Amarkantak Power Limited (‘LAPL’) has approved the Resolution Plan submitted by Adani Power Limited (‘APL’).”
Lanco Amarkantak Power Limited, based in the Pathadi Village of Korba District, Chhattisgarh, is the proprietor and operator of a 2×300 MW (600 MW) thermal power plant, commonly referred to as Phase-I. This facility has existing Power Purchase Agreements with Haryana and Madhya Pradesh DISCOMs, ensuring a stable operational framework.
Furthermore, the company is in the process of expanding its capacity with a Phase-II initiative, aiming to augment its power generation capabilities with a 2×660 MW (1320 MW) expansion. The realization of Adani Power’s resolution plan is contingent upon adhering to the terms outlined in the LoI and obtaining necessary approvals.
Adani Power reiterates its dedication to successfully maneuvering through the necessary regulatory processes to effectively implement the envisioned strategy, thereby guaranteeing a seamless transition and the sustainable operation of the power assets at Lanco Amarkantak.
