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The Hindu
The Hindu
National
The Hindu Bureau

Creditors approve Adani Power consortium bid to takeover bankrupt Coastal Energen

RP APL

The Committee of Creditors has approved a resolution by a consortium, which includes the Adani Power Ltd. (APL), to buy Coastal Energen Ltd. under the Corporate Insolvency Resolution Process (CIRP).

Coastal Energen Ltd. has an imported, 1,200-MW (2X660) coal-based power plant operating in Tuticorin.

In February 2022, The National Company Law Tribunal (NCLT), Chennai, had admitted the insolvency plea filed by the State Bank of India against Coastal Energen, and named Radhakrishnan Dharmarajan as the Resolution Professional (RP) to oversee the resolution process.

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