Shardul Amarchand Mangaldas & Co. Advised The Committee of Creditors Of Sinnar Thermal Power Limited On The Resolution Plan

Shardul Amarchand Mangaldas & Co. advised the Committee of Creditors of Sinnar Thermal Power Limited on the Resolution Plan

The leading law firm, Shardul Amarchand Mangaldas & Co. advised the Committee of Creditors in the corporate insolvency resolution process of Sinnar Thermal Power Limited (STPL) under the Insolvency and Bankruptcy Code, 2016. The National Company Law Tribunal, New Delhi Bench, vide its order dated 28 November 2025, approved the resolution plan submitted by the consortium of NTPC Limited and Maharashtra State Power Generation Company Limited (Mahagenco), having a total resolution plan value of INR 3,800.14 crores.

SAM was also instrumental in securing the lifting of the stay before the NCLAT, enabling the CIRP to resume and conclude successfully. STPL’s thermal power plant, although commissioned, never became operational. Its power purchase and fuel supply agreements were terminated due to defaults by STPL, and substantial portions of the plant (including Phase 2 and other phases) remain under construction. Additionally, the special economic zone in which STPL was located was de-notified. Notwithstanding these challenges, the CIRP culminated in an entire upfront payment of INR 3,800.14 crores to STPL’s stakeholders.

The Shardul Amarchand Mangaldas & Co. team was led by Anoop Rawat (National Practice Head – Restructuring & Insolvency, Partner), along with Sagar Dhawan (Partner), Arushi Asheesh Chandra (Principal Associate), and Rashi Sharma (Associate). They advised on the entire transaction including process documentation, negotiations on behalf of the CoC, drafting of the challenge process document, strategy, and litigation before NCLAT. They were supported by Vimal Asthana (Principal Associate), Mohana Nijhawan (Principal Associate), and Ananya Khanna (Associate), who reviewed the resolution plans submitted during the CIRP.

Vaijayant Paliwal (Partner) and Nikhil Mathur (Principal Associate) represented the CoC before the NCLT in the plan approval proceedings. Shally Bhasin (Partner), Prateek Gupta (Principal Associate), and Udbhav Nanda (Senior Associate) represented Power Finance Corporation before the NCLAT in an appeal filed by the erstwhile directors.

Neeladri Chakrabarti (Tax Consultant) and Shohini Bhattacharya (Senior Associate) advised on tax matters related to the denotification of STPL from the SEZ.

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