Six asset reconstruction companies, including Aditya Birla and Kotak Mahindra-backed ARCs, have accumulated 55% of KSK Mahanadi Power’s ₹29,330-crore debt from lenders in separate transactions, shows disclosure made by the stressed thermal power company’s resolution professional. The ARCs brought over ₹16,168 crore in loans in the hope that there would be demand for thermal power companies, giving them a huge upside, while lenders have exited due to over a four-year delay in its debt resolution.