The first power sector non-performing asset (NPA) was resolved outside of insolvency court and this time again Tata group has emerged as the winner but JSW Energy has not given up the race as well.\u00a0Jaypee Power Ventures Bara power plant\u00a0Prayagraj Power Generation Company\u00a0Limited (PPGCL) was one of the 34 stressed power companies identified by the Parliamentary Standing Committee earlier this year. As the Reserve Bank of India (RBI) deadline to recognise and resolve NPAs ended on August 27, PPGCL became the first one to get resolved without being referred to National Company Law Tribunal (NCLT), with lenders expected to take about 50% haircut. Tata Power's joint venture Resurgent Power was on Wednesday offered the letter of intent (LoI) by company's lenders for offering to acquire 75% stake in the company for reportedly Rs 6,000 crore.\u00a0Resurgent Power is a joint venture based out of Singapore held 26% by Tata Power, 10% by\u00a0ICICI Bank,\u00a0and remaining by pension funds. However, a day after the development, JSW Energy revised its bid to Rs 6,200 crore, media reports said. PPGCL is a 3X660MW coal-based power project in Uttar Pradesh and has an\u00a0outstanding loan of Rs\u00a011493.5 crore, as per Standing Committee report. Tata Powers on Wednesday said that taking over PPGCL will be a value-adding asset in\u00a0Resurgent Power's portfolio. "After our due diligence, we found that Prayagraj Power fits in our overall scheme of growth. It has all approvals and clearances in place along with long-term PPA and fuel supply agreement," the company said in a statement. The State Bank of India (SBI), which was the lead lender in PPGCL case, earlier had said that eight stressed power sector accounts worth Rs 70,000 crore will be resolved outside of the NCLT, while 18 are already undergoing insolvency process under the Insolvency and Bankruptcy Code (IBC), while four are expected to be soon referred to NCLT. Banks have exposure of an estimated Rs 3.8 lakh crore from these companies, as per ICRA. The RBI on February 12 scrapped a dozen existing stressed asset resolution mechanisms with a one uniform norm with a stricter timeline in tandem with the IBC rule. As per the circular, bankers had 180 days to resolve big accounts that tuned NPAs on March 1, or else refer them to NCLT for IBC procedure.