Soma group’s Uttarakhand power assets up for sale


Hyderabad: The gas-based power generation assets of Beta Infratech, part of the Soma Group, located near Kashipur in Uttarakhand are on the block under a liquidation process initiated through the National Company Law Tribunal (NCLT).

The power assets of 225 megawatt and approvals for another 133 MW, all located on 40 acres of land, are being put on sale at a reserve price of 345 crore by the liquidator appointed by the tribunal.

Beta Infratech is a wholly owned subsidiary of Soma Energy, promoted by Ankineedu Maganti and Dileep Kumar Yalamanchili. The company was admitted to the corporate insolvency resolution process (CIRP) following a petition filed by lender Punjab National Bank.

The NCLT’s New Delhi bench in June 2019 admitted the application and appointed a resolution professional to manage the company’s affairs during the CIRP process. In July last year, the tribunal ordered the company into liquidation and appointed TSN Raja as the liquidator, after finding that there were no successful resolution applicants.

The gas-fired power generation station in Uttarakhand was designed for 358 MW and the first phase involving 225 MW was completed. It has approvals and land allocated for the second phase of 133 MW.

Beta Infratech had raised 346 crore from PNB under a consortium arrangement and defaulted on the payments in March 2016, with outstanding dues of around 554 crore including interest.

Expressions of Interest for the assets were submitted initially by two players — Aditya Birla Asset Reconstruction Company and JC Flowers Asset Reconstruction of Eight Capital Group. Another player, Anuj Nautiyal, joined them later. However, none of them submitted any resolution plans, even after the NCLT extended the CIRP proceedings by 90 days. Its committee of creditors then decided to go for the liquidation process.

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The liquidator, Raja, has sought bids through an e-auction, to be held on February 22. The successful bidder will have to deposit 25% of the sale consideration immediately along with an earnest money deposit of 35 crore. The balance 75% of sale consideration should be paid within 15 days from the date of approval of the deal.

DEPOSIT MONEY
The successful bidder will have to deposit 25% of the sale consideration immediately along with an earnest money deposit of 35 crore.





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