Maharashtra Airport Development Company Ltd. (MADCL) challenged two NCLT orders related to the insolvency and liquidation of Abhijeet MADC Nagpur Energy Pvt. Ltd. (AMNEPL/CD). MADCL, a Government Company, had a concession agreement with AMNEPL (a joint venture where MADCL held 26% equity for land contribution) for a power project on a Build, Operate and Transfer (BOT) basis. The CD's assets and legal entity were sold via slump sale and standalone auction to Respondent No. 2 (Successful Auction Purchaser) during liquidation. MADCL argued that its pre-existing rights under the concession agreement and lease deeds were violated, and the sale was illegal, especially regarding the transfer of leasehold land and its 26% shareholding.

Maharashtra Airport Development Company Ltd. (MADCL) challenged two NCLT orders related to the insolvency and liquidation of Abhijeet MADC Nagpur Energy Pvt. Ltd. (AMNEPL/CD). MADCL, a Government Company, had a concession agreement with AMNEPL (a joint venture where MADCL held 26% equity for land contribution) for a power project on a Build, Operate and Transfer (BOT) basis. The CD's assets and legal entity were sold via slump sale and standalone auction to Respondent No. 2 (Successful Auction Purchaser) during liquidation. MADCL argued that its pre-existing rights under the concession agreement and lease deeds were violated, and the sale was illegal, especially regarding the transfer of leasehold land and its 26% shareholding.