The National Company Law Tribunal Hyderabad has invited expression of interest for a resolution plan for Simhapuri Energy Limited.

Simhapuri Energy, part of Madhucon Projects Limited, has commissioned a 600-MW thermal power plant at SPSR Nellore District of Andhra Pradesh. The company is facing insolvency proceedings.

Following a petition moved by State Bank of India, the corporate insolvency resolution process of the Corporate Debtor commenced under the provisions of the Insolvency and Bankruptcy Code, 2016. The NCLT in June 26, 2020 initiated proceedings under Section 7 of the IBC and appointed Anish Niranjan Nanavathy as interim resolution professional.

It has made it clear that the minimum Net Worth of the resolution plan proponent should be ₹100 crore and the last date for submission of interest is September 28, 2020.

As of July 23, 2020, the coal-fired thermal power project is due ₹4,372.73 crore as per the claim. However, ₹4,198.97 crore has been admitted.

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