JSW Energy said it had completed the acquisition of 700 MW Ind-Barath Energy (Utkal) for Rs 1,047.6 crore through bankruptcy proceedings.

“The resolution scheme has now been implemented, and the acquisition of Ind-Barath Energy (Utkal) Ltd has been completed under an order of approval from the NCLT (National Company Law Tribunal). A resolution sum of Rs 1,047.6 crore has been paid,” the BSE filing said.

Now, under the terms of the resolution plan, the company owns 95% of Ind-Barath Energy (Utkal) Ltd, with secured financial creditors collectively holding the remaining 5%.

Following the deal, Ind-Barath Energy (Utkal) Ltd became a subsidiary of JSW Energy.

Previously, the company had hinted on July 26, 2022, that NCLT Hyderabad had, on October 3, 2019, approved the company’s bankruptcy under Ind by order dated July 25, 2022 (NCLT Approval Order) to resolve the programme. The proposed solution plan, Barath Energy, is to construct a 700 MW (2×350 MW) thermal power plant in the Jharsuguda district of Odisha.