In a two page order the bench asked the respondents which include losing bidder Torrent Power, resolution professional (RP) Ashish Rathi and the committee of creditors (CoC) to reply within two weeks and file rejoinders if any one week later. The next date of hearing is November 24.
“In view of the fact that we have issued notice, called for reply and fixed date for final disposal of the appeal no further steps be taken by the CoC,” the bench said.
In its application Sarda has said that the NCLT order is in violation of the principles of natural justice. “It is submitted that the adjudicating authority has travelled in the field which is not permissible to the adjudicating authority to traverse,” senior advocates Arun Kathpalia and Krishnendu Datta appearing for Sarda said.
Counsels appearing for the CoC and the RP also said that they are aggrieved by the order.
On Thursday ET had reported that SEML has challenged the NCLT order earlier this month directing the CoC to reconsider their decision of declaring the company as the preferred bidder to take over the debt-laden SKS Power Generation Ltd.
The plea, filed in the National Company Law Appellate Tribunal (NCLAT) on Tuesday, has said that the court has erred in questioning the wisdom of the CoC and has sought a direction to the NCLT to consider the plans in its current form.
Nagpur-based SEML was declared the winning bidder, pipping Torrent, Vantage and Jindal in a close fight with less than one percentage point difference between the top four bidders. SKS owes Rs 1,890 crore to Bank of Baroda and State Bank of India (SBI). The plant is in high demand because it’s a rare working power plant available for sale with 25 years of fuel agreement accompanying a railway line.
