CAM, L&L & JSA all up for Adani’s winning $764m resolution bid for Korba Power

The insolvency was approved on 24 June 2019.

L&L Partners advised the Resolution Professional for Korba West Power Company Limited led by a team of Partner Bikash Jhawar and Partner Manmeet Singh, Managing Associate Avinash Subramanian, Senior Associate Abhinandan Bannerjee, Associates Aivan Raj, Swetha Shankaran.

J Sagar Associates (JSA) advised the Committee of Creditors, led by Partner Dina Wadia, partner Anjana Potti, senior associate Abhishek Subbaiah, Associate Sindhuja Satti.

Cyril Amarchand Mangaldas advised Adani in the insolvency.

The LoI dated April 6, 2019 was issued by the resolution professional appointed by the Ahmedabad bench of the National Company Law Tribunal (NCLT), Adani Power said in regulatory filing.

"The closure of the transaction shall be subject to obtaining the necessary approval from the NCLT, Ahmedabad, and satisfaction of the conditions precedent under the resolution plan," it said.

KWPCL owns and operates a 600 megawatt (MW) thermal power plant in Raigarh District, Chhattisgarh.

According to Adani Power, successful acquisition and implementation of the resolution plan will consolidate its position as India's leading private sector thermal power producer, with a combined thermal power capacity of 11,040 MW.