Moser Baer Solar assets are up for Sale

Moser Baer was dragged to the New Delhi bench of the tribunal by the state-run Central Bank of India after it defaulted on over Rs 114-crore loan. The tribunal had last November allowed the insolvency plea of Central Bank.

The company owes over Rs 1,000 crore to a clutch of lenders. The debt turned dud following which it has been referred to the National Company Law Tribunal (NCLT).

The company has been referred to NCLT under the Insolvency and Bankruptcy Code.

The company has an installed capacity of around 250 MW, but it and has an infrastructure t0 develop 500 MW.

Moser Baer Solar was set up in 2005-07 and soon became a leading name in solar EPC services and solar PV modules. Moser Baer Photo Voltaic is its sister concern. While it has crystalline cells capacity of 185 MW, the crystalline modules capacity is 200 MW and thin film modules of 50 MW.

Its financial stress increased following rising imports from China. The company had sought restructuring of Rs 956 crore of debt in 2012-13 but the recast had failed in October 2016.