Torrent Power has filed an appeal with the National Company Law Appellate Tribunal (NCLAT) against the approval of Sarda Energy and Mining’s (SEML) resolution plan for the debt-ridden SKS Power Generation. The appeal follows the Mumbai-based National Company Law Tribunal’s (NCLT) decision on August 13, which approved SEML’s bid and dismissed Torrent Power’s application to acquire SKS Power Generation in Chhattisgarh.
Torrent Power objected to the selection process, arguing it was discriminatory and claiming that it had proposed the highest upfront payment. The Delhi-based bench of the NCLAT, led by Chairperson Justice Ashok Bhushan, is set to hear Torrent Power’s petition on Tuesday.