The disposal of Enron's largest independent power project, Dabhol in India, looks likely to be back at square one. Bidders were invited in January for Enron's 65 per cent holding in the plant, and a further 20 per cent held by other foreign owners. However, in March the Indian High Court stopped the plant from becoming part of US bankruptcy proceedings. It appointed an Indian receiver to oversee operation of the plant, and lenders considered whether its assets should be seized. In that event the sale would be restarted with the plant itself up for bids. Three overseas and four Indian companies had expressed interest in buying the original 85 per cent stake.
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