The appeal challenges an order dated 2021-11-01 by the Adjudicating Authority (National Company Law Tribunal, New Delhi) approving a resolution plan for Essar Power M.P. Ltd. (Corporate Debtor) submitted by its Resolution Professional. The appellant, Central Transmission Utility of India Ltd., objected to the resolution plan and the adjudication of its claim, which was treated as a contingent claim of Rs. 1. ICICI Bank Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on 2020-09-29. The Resolution Professional (RP) made a public announcement on 2020-10-10. The Committee of Creditors (CoC) was formed. Four Expression of Interests (EOIs) were received, and two Prospective Resolution Applicants (PRAs) submitted
…Central Transmission Utility of India Ltd. (Appellant) filed an appeal against the order of the Adjudicating Authority (NCLT, New Delhi) dated 2021-11-01, which approved the resolution plan for Essar Power M.P. Ltd. (Corporate Debtor). ICICI Bank Ltd. initiated CIRP against Essar Power M.P. Ltd. under Section 7 of the IBC, which was admitted on 2020-09-29. The RP made a public announcement on 2020-10-10. Adani Power Limited's resolution plan was approved by the CoC with 100% votes. The Appellant's claim of Rs. 2643,54,00,000/- was treated as a contingent claim of Rs. 1 due to a pending appeal before the Appellate Tribunal for Electricity (APTEL) regarding relinquishment charges. The liquidation value of the Corporate Debtor was disclosed as Rs. 1733.4 Cr., and the fair
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The Adjudicating Authority (National Company…
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The appeal challenges an order dated 2021-11-01 by the Adjudicating Authority (National Company Law Tribunal, New Delhi) approving a resolution plan for Essar Power M.P. Ltd. (Corporate Debtor) submitted by its Resolution Professional. The appellant, Central Transmission Utility of India Ltd., objected to the resolution plan and the adjudication of its claim, which was treated as a contingent claim of Rs. 1. ICICI Bank Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on 2020-09-29. The Resolution Professional (RP) made a public announcement on 2020-10-10. The Committee of Creditors (CoC) was formed. Four Expression of Interests (EOIs) were received, and two Prospective Resolution Applicants (PRAs) submitted
…Central Transmission Utility of India Ltd. (Appellant) filed an appeal against the order of the Adjudicating Authority (NCLT, New Delhi) dated 2021-11-01, which approved the resolution plan for Essar Power M.P. Ltd. (Corporate Debtor). ICICI Bank Ltd. initiated CIRP against Essar Power M.P. Ltd. under Section 7 of the IBC, which was admitted on 2020-09-29. The RP made a public announcement on 2020-10-10. Adani Power Limited's resolution plan was approved by the CoC with 100% votes. The Appellant's claim of Rs. 2643,54,00,000/- was treated as a contingent claim of Rs. 1 due to a pending appeal before the Appellate Tribunal for Electricity (APTEL) regarding relinquishment charges. The liquidation value of the Corporate Debtor was disclosed as Rs. 1733.4 Cr., and the fair
…The Adjudicating Authority (National Company…
The Corporate Insolvency Resolution Process…