JSW Energy, Utkal lenders may renegotiate resolution plan

Lenders to ailing borrower Ind-Barath Energy (Utkal) and JSW Energy, the asset's successful bidder, are likely to renegotiate the resolution plan after the tribunal determines that parties can "sit on the other side of the table" and the inventory the situation.

The comment was made by the tribunal in the context of an application filed by BSE-listed JSW Energy, which sought to end its own plan arguing that the company's assets have deteriorated to more than Rs 300 crore.

The Hyderabad bank of the National Company Law Tribunal (NCLT) had approved an application filed by the resolution professional of Ind-Barath Energy to approve the resolution plan submitted by the Sajjan Jindal-promoted company.

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