Khaitan & Co Advised NTPC Limited On Implementation Of resolution Plan For Sinnar Thermal Power Limited

Khaitan & Co advised NTPC Limited on implementation of resolution plan for Sinnar Thermal Power Limited

The leading law firm in India, Khaitan & Co advised NTPC Limited (“NTPC”) in relation to the implementation of the resolution plan submitted by the consortium of Maharashtra State Power Generation Company Limited and NTPC Limited (“Consortium”) in the corporate insolvency resolution process (“CIRP”) of Sinnar Thermal Power Limited (“STPL”) under the provisions of the Insolvency and Bankruptcy Code, 2016.

The acquisition by the Consortium was successfully completed on 24 February 2026.

STPL owns a coal-based thermal power plant with a capacity of 5 x 270 MW (1,350 MW) at Sinnar, Nashik, Maharashtra, located within a special economic zone.

The Hon’ble National Company Law Tribunal, Delhi Bench (NCLT), admitted the CIRP application filed by Shapoorji Pallonji & Co. Ltd. against STPL on 19 September 2022. The Resolution Plan was approved by the committee of creditors (CoC) of STPL on 14 June 2025 with 100% voting share and was subsequently sanctioned by the NCLT on 28 November 2025.

Khaitan & Co was involved in day-to-day advisory to NTPC on all aspects of the Resolution Plan implementation, including structuring and transaction execution, drafting and negotiation of transaction documents, stakeholder coordination, assisting in monitoring committee meetings, advising on corporate, regulatory, and statutory compliance, and providing strategic guidance on key legal and commercial matters arising from the implementation.

The core team comprised Dr Siddharth Srivastava (Partner, Banking, Finance, Restructuring & Insolvency), Mohit Kishore (Partner), Udita Singh (Principal Associate), and Amritam Anand (Associate). The general corporate aspects were led by Prasenjit Chakravarti (Partner, Corporate & Commercial), Nitish Goel (Partner), Sanjana Bhatnagar (Counsel), and Natansh Jain (Senior Associate).

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