New Delhi: The Ministry of Power is chalking out a scheme to resolve stressed assets in the power sector after the first version, Ujwal Discom Assurance Yojna (UDAY), failed to address the issue. Commenting on the matter, Power Secretary Subhash Chandra Garg said that the scheme would need support from new, strong players to be able to meet the goal.
"If we can get the asset reconstruction companies (ARCs) and some strong industry players… we'll have to probably get some new industry players besides the existing ones to come and bid for these assets. That's perhaps the way to resolve the power sector assets. There are times when you need to get new industry players, like in airports, infrastructure… maybe domestic, and may be foreign," Garg said.
Garg said that power assets worth about Rs 3-4 lakh crore are in distress and lenders are trying to resolve them in different ways. However, he pointed out that routes like the National Company Law Tribunal (NCLT) and the Insolvency and Bankruptcy Code (IBC) are not sufficient for a number of sectors like power. "If you resolve the asset via NCLT, nothing will survive practically, except that plant," he said.
While noting that the UDAY scheme was introduced to make sure that power is paid for, Garg said, "Discoms buy power, they should pay. Now, even post Uday, some entities started delaying payments.
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" Garg added that the sector is reeling under unpaid bills of about Rs 40,000 crore.