Big Win for Adani Power: NCLT Clears ₹4,000 Cr VIPL Takeover

The National Company Law Tribunal (NCLT) has approved Adani Power’s ₹4,000 crore acquisition of Vidarbha Industries Power Ltd. (VIPL), marking a major milestone in the resolution of the debt-laden energy firm. The resolution plan received unanimous approval from the Committee of Creditors (CoC) and faced no objections during the Corporate Insolvency Resolution Process (CIRP).

VIPL, formerly a subsidiary of Anil Ambani’s Reliance Power, owns a 600 MW thermal power plant in Butibori, Nagpur, comprising two 300 MW units. The plant was awarded through international competitive bidding by MIDC and has a long-term Power Purchase Agreement (PPA) for 3,085 MW, with potential for future expansion.

The company had defaulted on ₹3,872 crore in loans to Axis Bank and State Bank of India, which were later acquired by CFM Asset Reconstruction in 2023. Total admitted liabilities stood at ₹6,753 crore.

The NCLT Mumbai bench confirmed that the resolution plan met all viability and feasibility criteria. With tribunal approval, the plan is now binding on all stakeholders and will proceed to final regulatory implementation.

News by Rahul Yelligetti.