Adani Power Offers Rs 2,600 crore to Acquire Essar Power under IBC Adani Power has made an offer of Rs 2,600 crore to acquire Essar Power MP under the Insolvency and Bankruptcy Code (Code) rules. The bid of Adani Power sets a comeback of bankruptcy resolutions, after expiry of 25 March deadline for the moratorium on filings of insolvency cases. The offer of Adani competes with another offer of the Vedanta group, the offer of the latter is said to be priced much lower. A lender group is negotiating with Adani to improvise with the terms of the deal. The group wants at least Rs 400 crore more. Adani's offer would require the lenders to take a 56 percent on the principal amount alone and also forego the entire interest. The background of the case is that an application was filed by ICICI Bank to initiate insolvency proceedings against Essar Power several months prior to announcing a moratorium on insolvency cases in 2020.