Sajjan Jindal-led JSW Energy on Monday said its
resolution plan for Ind-Barath Energy under corporate insolvency proceedings has been approved by Committee of Creditors.
Ind-Barath Energy has a 700 megawatts (MW) under-construction thermal power project in Odisha.
"The resolution plan submitted by the Company for Ind-Barath Energy (Utkal) Limited (Ind-Barath) under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code, 2016, has been approved by the Committee of Creditors on October 14, 2019," it said in a BSE filing.
The closure of the transaction will be subject to the necessary regulatory approvals, including from the National Company Law Tribunal, JSW Energy added.
It, however, did not divulge financial details the resolution plan. This is the second thermal power generation plant, which is being pursued by JSW Energy for acquisition.
Earlier this month, the company had entered into exclusive talks with GMR Energy Ltd for buying out its thermal power plant GMR Kamalanga Energy Ltd.
The GMR Kamalanga Energy is a coal based thermal power plant of 1,050 MW located in Dhenkanal district of Odisha. It has fuel linkages with Mahanadi Coal Fields.
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