Lenders of Lanco Amarkantak Power Limited will soon start voting on a proposal to consider INR 41,000 million Adani Power Limited (NSEI:ADANIPOWER)?s unsolicited offer, said people aware of the matter. If over 66% of lenders vote in favour of this proposal, the resolution professional will apply to the National Company Law Tribunal (NCLT) seeking directions on the sale process, the people said. KPMG-backed RP, Saurabh Kumar Tikmani will also seek direction on withdrawing the Power Finance Corporation-led consortium?s resolution plan for distressed thermal power undergoing corporate resolution.

The RP did not respond to ET?s request for comments. Lanco Amarkantak?s first phase, which is fully operational, has two units of 300 MW each, while the second phase is under construction and comprises two units of 600 MW each. It has INR 18,000 million cash in the company solely on account of operations from the first phase.

Adani Power, Reliance Industries and the PFC-led consortium were in fray for Lanco Amarkantak. Among the three bidders, only the PFC led consortium gave a bid at an auction held in December last year.