| Substation work under progress. target for commissioning of 10 machines has planned. | REGEN was referred to NCLT in Dec’2019. Resolution professional (RP) engaged by NCLT to proceed with insolvency activities.
Final resolution order issued by NCLT in Feb’ 2022, after Court hearing.
NALCO filed petition against the approved resolution plan at NCLAT in Apr’ 2022.
NCLAT set aside the resolution plan already approved by NCLT and allowed the consolidation of the CIRP (Corporate Insolvency Resolution Process) of RPPL (Regen Power Private Limited) & RISPL (Regen Infrastructure Services Private Limited) in Aug’ 2023.
The new RP has been engaged by NCLT in Oct’ 2023.
Supply received for 10 WTGs out of total 17. 8 WTGs installed. Infrastructure for evacuation of power is not complete.
The proposed way forward for project:
- In 1st Phase, 12 MW (08 WTG) Commissioning,
- In 2nd Phase, 3 MW (02 WTG) Commissioning,
- Sale of balance asset (Land, materials / equipment, etc.) for salvaging of project in the best interest.
Cooperation of SBI (lead partner CoC) is needed for fund support. BG validity has been extended up to 31.12.2024.
RP_ReGen was advised vide mail dated 25.03.2024 to initiate action for execution of activities so as to ensure commissioning of 15 MW within June’24, as per the mutual agreement made in the meeting held in Feb’24. The extension of original contract is being expedited in due consultation with RP by the Constituted Committee. |