With debt hitting Rs 2,244 cr mark, Moser Baer Solar assets put on block

The resolution professional for Moser Baer Solar has invited bids for assets of the renewable energy company that owes Rs 2,244 crore to eight lenders as on March 8. Among the creditors are Punjab National Bank (Rs 401.65 crore), State Bank of India (Rs 276.87 crore), Central Bank of India (Rs 117.08 crore), Union Bank of India (Rs 77.69 crore), Indian Overseas Bank (Rs 223.02 crore), Exim Bank (Rs 228.20 crore), Bank of Baroda (Rs 69.24 crore) and Oriental Bank of Commerce (Rs 849.94 crore).

“Invitation for submitting resolution plan has been invited today with the last day for submission being after a month (May 26),” resolution professional Arvind Garg told DNA Money on Tuesday.

As per the bid document, the companies with a net worth of Rs 80 crore and a turnover of Rs 200 crore are eligible for bidding.

Central Bank of India had filed a petition with the New Delhi bench of National Company Law Tribunal to recover its dues. In November last year, the tribunal came out with an order for insolvency proceedings.

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In the financial year 2013, Moser Baer Solar had sought restructuring of Rs 956 crore of debt but the recast failed.

The firm has an installed solar power generation capacity of 250 megawatt.

“We are anticipating good response as the asset quality is good,” said Garg.

By Ateeq Shaikh, DNA Money