Firm Matters

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

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

STPL owns a coal -based thermal power plant with a capacity of 5 x 270 MW (1350MW) at Sinnar, Nashik, Maharashtra, and is located within a special economic zone.  

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

The Firm was involved in day-to-day advisory to NTPC in relation to all aspects of the implementation of the Resolution Plan, including structuring and transaction execution support, drafting and negotiation of transaction documents, stakeholder coordination, assisting in meetings of the monitoring committee, advising on corporate, regulatory and statutory compliances, and providing strategic guidance on key legal and commercial issues arising in connection with the implementation of the Resolution Plan.