(ET)
A subsidiary of IndBarath Power has been pushed into liquidation by its financial creditors after they were unable to agree on a bid for one of the stressed power projects of the company. Axis Bank, Power Finance Corporation and Rural Electrification Corporation bickered over a bid by Alliance Projects as well as an offer to settle dues that was made by the company’s Hyderabad-based promoters, as per details in an order passed by the National Company Law Tribunal has reviewed. The NCLT passed orders for appointment of Dutch advisory firm BDO’s Ashish Rathi as official liquidator for the arm’s assets. The arm owns a 660 megawatt power project in the Tuticorin district of Tamil Nadu that is built over nearly 600 acres. The best bid for the stressed project was pegged at Rs 300 crore.
