National Company Law Tribunal declares Maheshwar Hydel Power Corporation bankrupt
Court gives responsibility to IRP Apoorva, dam project will be sold, there is hope among people; IRP Apoorva arrives with a nine-member team to take stock of the dam, the entrance gate of the dam would be closed to prevent thefts and security would be deployed
Mandleshwar (Madhya Pradesh): The 400 megawatt capacity Maheshwar Hydel Power Project (dam), which has been closed for a long time witnessed a new twist as the Indore Bench of the National Company Law Tribunal (NCLT) declared dam construction company Maheshwar Hydel Power Corporation as bankrupt 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 this, the dam project will be sold to another company. In the event of not getting a buyer, the government will take relevant action.
Meanwhile, after the 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 stock of every corner of the dam and did an assessment of the stolen goods. The nine-member team led by IRP also includes three members from Power Finance Corporation (PFC).
Notably, the hearing on the dam was going on for a long time in the NCLT Bench of Madhya Pradesh High Court (Indore Bench). But now the NCLT Bench of the court has handed over the responsibility to PFC, subjugating the dam, who will take over the company in the next 180 days and carry out other works related to claim and dam protection.
Along with this, the dam project will also be sold. After which there is a possibility of the dam being started once again.
Security will be deployed to prevent theft
Briefing media persons, Sarwaria said that they are thoroughly inspecting the dam. Thieves have stolen many equipment including copper wire. Now to prevent these thefts, all entrances of the dam including the powerhouse will be closed and workers will be deployed for dam security. The big gate of the powerhouse here is turned off only by electricity and is difficult to close due to lack of electricity, in such a situation other options are being explored as well as a letter will be written to the department for electricity.
Gate broke due to lack of maintenance
Due to lack of maintenance, one of the 27 gates of the dam fell in the Narmada due to a hydraulic pump burst about three years ago. Since then the possibilities are being raised that gradually the rest of the gates may also fall.
Sarwaria said that he has taken stock of the gates and as of now there is no such situation as the gates would fall. Sarwaria has issued a release to file a claim against the company. Within 14 days, the concerned former employees and others who have outstanding transactions with the company can file the claim.
Dam can start again
Here, after the stir about the dam, once again there has been hope among the traders and the unemployed in the area. It is being speculated that soon the dam may start again. If the dam starts, then many unemployed talented youths of the area will get jobs and there will be an increase in business as well.
Maheswar Hydel Power 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 owned by a private firm and the operating company is Shree Maheshwar Hydro-Electric Power Corporation Ltd (SMHPC).
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