JSW Energy, Adani Power submit EoIs for bankrupt Monnet Power
JSW Energy and Adani Power have submitted expressions of interest (EoIs) for bankrupt Monnet Power, two people aware of the development told Mint. Monnet Power is the second of Sandeep Jajodia’s companies to undergo insolvency proceedings. Monnet Power Co. Ltd was incorporated in 2007 for setting up a thermal power plant of 1,050 megawatts (MW), backed by a pit head captive coal mine in Angul, Odisha. The company, however, ran into trouble when the Supreme Court in 2014 cancelled a host of coal mine allocations. Monnet Power owes Rs 5,892 crore to banks and another Rs 359 crore to operational creditors. State Bank of India, Punjab National Bank, UCO Bank, ICICI Bank and IDBI Bank are among the prominent lenders to Monnet Power, which is an .....