DSK Legal advised MAHAGENCO-led consortium on resolution plan for Sinnar Thermal Power Limited under IBC
The leading law firm in India, DSK Legal advised and assisted Maharashtra State Power Generation Company Limited (MAHAGENCO), as the lead consortium member along with NTPC Limited, in relation to the submission of a resolution plan in the corporate insolvency resolution process of Sinnar Thermal Power Limited under the provisions of the Insolvency and Bankruptcy Code, 2016. The transaction value is approximately INR 3,800 crore.
The corporate insolvency resolution process of the Corporate Debtor commenced on September 19, 2022, and was subsequently challenged before the NCLAT, which revived the CIRP in January 2024. The NCLT, Delhi Bench, approved the resolution plan submitted by the consortium on November 28, 2025. The Corporate Debtor had established a coal-based 5×270 MW (1350 MW) thermal power project in Sinnar, Nashik, Maharashtra.
The resolution plan involved structuring the transaction to ensure project efficiency and tax benefits, addressing stakeholder interests, enabling the takeover of the Corporate Debtor by the Resolution Applicants, reduction of share capital, and exit and denotification from the SEZ. The plan received 100% approval from the Committee of Creditors, reflecting strong creditor support for the revival framework.
Post approval, DSK Legal continues to advise MAHAGENCO on the implementation of the resolution plan, including drafting and negotiation of shareholders’ agreements, advising on SEZ denotification, handling ongoing litigation, and assisting with legal and regulatory steps for operationalizing the Corporate Debtor. The firm’s role spanned both the acquisition phase and the post-approval implementation phase, ensuring a structured and time-bound takeover.
The DSK Legal transaction team was led by Ajay Shaw (Partner), with support from Ashish Pahariya (Partner) and Anisha Kumar (Principal Associate).
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