A solution to the troubled Dabhol Power project appears to be in sight with IDBI-led financial institutions eager to thrash out their disputes with offshore lenders at the forthcoming meet on May 12 in London.

Moves are also afoot to appoint the best technicians to restart the 2,184 MW power project estimated at over $3.0 billion (Rs 13,500 crore).

The top officials of IDBI, ICICI Bank and State Bank of India on Friday apprised the Naresh Chandra committee and finance ministry officials of the future course of action.

"It was a good discussion. Lenders are talking constructively with each other. They have to come to an amicable solution," Chandra said after the two-hour long meeting at the finance ministry.

Although he declined to give a time frame in resolving the Dabhol debacle, Chandra said it would be sorted out "as soon as practicable".

"There is a constructive effort to start the project. There is no good reason why this excellent power plant should not start electricity generation that will be beneficial to the economy," Chandra said.

IDBI chairman M Damodaran, ICICI deputy managing director Kalpana Morparia and SBI managing director C Bhattacharya declined to comment on the forthcoming meeting in London.