# In the matter of Jalpower Corporation Limited IA No. 170 & 171-2020 in CP (IB) No.264-7-HDB-2018

> NCLT judgment dated 2020-12-24. Citation: TCN-2020-NCLT-00014. The case pertains to IA No. 171/2020 filed in CP (IB) No.264/7/HDB/2018 under Section 30(6) and…

- **Court:** NCLT
- **Order date:** 24 Dec 2020
- **Citation:** TCN-2020-NCLT-00014
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jalpower-corporation-limited-ia-no-170-171-2020-in-cp-ib-no264-7-hdb-2018-24245911

## Summary

### Background

The case pertains to IA No. 171/2020 filed in CP (IB) No.264/7/HDB/2018 under Section 30(6) and Section 31 of the IB Code, 2016, along with Regulation 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application was filed by the Resolution Professional seeking approval of the resolution plan for Jalpower Corporation Limited. The Corporate Debtor was admitted into CIRP on 09.04.2019, and Mr. Sanjay Kumar Deewani was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Amit Jain was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) approved the resolution plan submitted by National Hydro Power Corporation (NHPC). The resolution plan proposed a resolution amount of Rs. 165.00

…

## Facts

The Corporate Debtor, Jalpower Corporation Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated on 09.04.2019. Mr. Sanjay Kumar Deewani was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Amit Jain as the Resolution Professional (RP). The Committee of Creditors (CoC), comprising PFCL and Punjab National Bank, considered two resolution plans, one from Sterlite Power Transmission Limited and another from National Hydro Power Corporation (NHPC). The CoC found NHPC's plan feasible and viable, approving it with a 100% voting share. The NHPC's resolution plan proposed a resolution amount of Rs. 165.00 crores. The liquidation value of the Corporate Debtor was assessed at Rs. 51.41 crores, and the fair value at Rs.

…

## Issues and analysis

### Issue 1: Whether the resolution plan submitted by NHPC complies with the requirements of Section 30(2) of …

**Ratio:** Section 30(2) of the IB Code specifies the mandatory requirements that a resolution plan

…

**Reasoning:** The Adjudicating Authority perused the resolution plan and found that it provides for the

…

**Interpretation:** Section 30(2) ensures that the resolution plan addresses the essential aspects

…

**Application:** The Adjudicating Authority determined that the NHPC's resolution plan complies

…

## Parties

- **Judges:** Shri. K. Anantha…; BINOD KUMAR…
- **Appellants:** Amit…
- **Respondents:** Jalpower Corporati…; Power Finance…

## Timeline

- **2019-04-09 — CIRP Commen…**: Corporate Debtor…
- **2019-05-15 — 1st COC M…**: 1st COC meeti…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/jalpower-corporation-limited-ia-no-170-171-2020-in-cp-ib-no264-7-hdb-2018-24245911