National Company Law Tribunal declares Maheshwar Hydel Power Corporation bankrupt

Mandleswar (Madhya Pradesh): The long-closed 400 megawatt Maheshwar Hydel Power (dam) power project received a new twist when the Indore Bench of the National Company Law Tribunal (NCLT) told the dam-building company Maheshwar Hydel Power Corporation filed for bankruptcy on September 30. .

Along with this, Apoorva Sarwaria has been appointed as an Interim Resolution Professional (IRP), who will settle the claim with a takeover of the dam in 180 days. After that, the dam project will be sold to another company. If a buyer cannot be found, the government will take the appropriate measures.

Meanwhile, after development, Sarwaria reached the dam site with his 9-member team on Tuesday, four days after the appointment by NCLT. On Tuesday and Wednesday, the team took inventory of every corner of the dam and made an assessment of stolen property. The nine-member IRP-led team also includes three members from Power Finance Corporation (PFC).

Notably, the dam hearing had been going on for a long time before the NCLT Bench of the High Court of Madhya Pradesh (Indore Bench). But now the court’s NCLT bench has transferred liability to PFC, submitting the dam, which will take over the business within the next 180 days and carry out other work related to the claim and protection of the dam.

Along with this, the dam project will also be sold. After which, it is possible that the dam will be restarted again.

Security will be deployed to prevent theft

Briefing the media, Sarwaria said they were inspecting the dam thoroughly. The thieves stole a lot of equipment, including copper wire. Now, to prevent these thefts, all entrances to the dam, including the power plant, will be closed and workers will be deployed for dam security. The big door of the power station here is extinguished only by electricity and is difficult to close due to the lack of electricity, in such a situation other options are being considered as well as a letter will be written to the electricity department.

The door broke due to lack of maintenance

Due to lack of maintenance, one of the dam’s 27 gates fell into the Narmada after a hydraulic pump burst about three years ago. Since then, the possibilities are rising for gradually the rest of the doors to fall as well.

Sarwaria said he has given an update on the gates and as of now there is no such situation that the gates will fall. Sarwaria has issued an authorization to file a complaint against the company. Within 14 days, affected former employees and others who have ongoing transactions with the company can file the claim.

The dam can start again

Here, after the commotion around the dam, hope has returned to traders and the unemployed in the neighborhood. It is assumed that soon the dam could start again. If the dam starts, many unemployed talented young people in the region will find jobs and there will also be an increase in business.

Maheswar Hydel Energy Project

The Maheshwar Hydel Power project is erected in the Narmada River of Khargone district in Madhya Pradesh. The power project was commissioned in 2005 with an installed capacity of 400 MW. The power plant is privately owned and the operating company is Shree Maheshwar Hydro-Electric Power Corporation Ltd (SMHPC).