Sepco moves NCLT against Mahanadi to recover dues

MUMBAI: Chinese construction contractor Sepco Electric Power Construction Co. has initiated bankruptcy proceedings against KSK Mahanadi Power Co. Ltd to recover around ₹5,230 crore, two people familiar with the development said. KSK Mahanadi, which operates a 3,600-megawatt (MW) project in Chhattisgarh, is among power firms that have challenged a central bank circular on mandatory insolvency resolution. “The Chinese engineering, procurement and construction firm has filed a case before the Hyderabad bench of the National Company Law Tribunal on November 27 and the matter came up for the hearing on November 30,” first person aware of the matter said.