The case involves an appeal against an order dated 09.04.2024 passed by the National Company Law Tribunal (NCLT), New Delhi Bench, concerning the Corporate Insolvency Resolution Process (CIRP) of Athena Demwe Power Ltd. The appellant, Sikkim Power Investment Corporation Ltd., challenges the NCLT's decision regarding the approval of its resolution plan. The core issue revolves around the appellant's failure to submit a Performance Bank Guarantee (PBG) as required by the Request for Resolution Plan (RFRP). The NCLT allowed applications by the State of Arunachal Pradesh and THDC to submit resolution plans, directed the CoC to invite fresh Expression of Interest (Eol), and extended the CIRP period.
Athena Energy Ventures Pvt. Ltd. was awarded a project to develop a 1750 MW Hydro Electric Power Project. Athena Demwe Power Ltd. was incorporated as a Special Purpose Vehicle (SPV) for the project. Due to the Corporate Debtor's failure to repay availed facilities, Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) on 28.09.2017. The Resolution Professional (RP) issued Form-G, and two resolution plans were submitted, one by the Appellant (Sikkim Power Investment Corporation Ltd.) and another by Navayuga Engineering Company Ltd. (NECL). The Committee of Creditors (CoC) disqualified NECL under Section 29A and approved the Appellant's
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The case involves an appeal against an order dated 09.04.2024 passed by the National Company Law Tribunal (NCLT), New Delhi Bench, concerning the Corporate Insolvency Resolution Process (CIRP) of Athena Demwe Power Ltd. The appellant, Sikkim Power Investment Corporation Ltd., challenges the NCLT's decision regarding the approval of its resolution plan. The core issue revolves around the appellant's failure to submit a Performance Bank Guarantee (PBG) as required by the Request for Resolution Plan (RFRP). The NCLT allowed applications by the State of Arunachal Pradesh and THDC to submit resolution plans, directed the CoC to invite fresh Expression of Interest (Eol), and extended the CIRP period.
Athena Energy Ventures Pvt. Ltd. was awarded a project to develop a 1750 MW Hydro Electric Power Project. Athena Demwe Power Ltd. was incorporated as a Special Purpose Vehicle (SPV) for the project. Due to the Corporate Debtor's failure to repay availed facilities, Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) on 28.09.2017. The Resolution Professional (RP) issued Form-G, and two resolution plans were submitted, one by the Appellant (Sikkim Power Investment Corporation Ltd.) and another by Navayuga Engineering Company Ltd. (NECL). The Committee of Creditors (CoC) disqualified NECL under Section 29A and approved the Appellant's
…Adjudicating Authority initiated the…
Resolution Prof…