The case involves an application (IA No.516/KB/2021) filed in CP(IB) No.634(KB)/2017 by the Resolution Professional of Jhabua Power Limited (Corporate Debtor) under section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) timeline. The initial CIRP period was nearing its end, and the Resolution Professional requested an extension from 01.05.2021 to 15.06.2021 to complete the process. Resolution plans had been submitted by NTPC Ltd. and Adani Power Ltd., but progress was hampered by the Covid-19 pandemic and regulatory delays. The Committee of Creditors (CoC) was reviewing the plans, and the Resolution Professional sought more time to finalize a resolution.
Jhabua Power Limited is undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The Resolution Professional filed IA No.516/KB/2021 seeking an extension of the CIRP timeline from 01.05.2021 to 15.06.2021. The 330-day period for CIRP completion had ended on 19.02.2020. Resolution plans were submitted by NTPC Ltd. and Adani Power Ltd. on 30.12.2019. The Committee of Creditors (CoC) was reviewing the resolution plans. The CoC rejected a restructuring proposal from the Promoters, Avantha Holdings Ltd., finding it commercially unviable. The CoC voted (93.07%) in favor of extending the CIRP timeline. The Adjudicating Authority had previously granted extensions and exclusions of time from the CIRP period. The corporate debtor
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The case involves an application (IA No.516/KB/2021) filed in CP(IB) No.634(KB)/2017 by the Resolution Professional of Jhabua Power Limited (Corporate Debtor) under section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) timeline. The initial CIRP period was nearing its end, and the Resolution Professional requested an extension from 01.05.2021 to 15.06.2021 to complete the process. Resolution plans had been submitted by NTPC Ltd. and Adani Power Ltd., but progress was hampered by the Covid-19 pandemic and regulatory delays. The Committee of Creditors (CoC) was reviewing the plans, and the Resolution Professional sought more time to finalize a resolution.
Jhabua Power Limited is undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The Resolution Professional filed IA No.516/KB/2021 seeking an extension of the CIRP timeline from 01.05.2021 to 15.06.2021. The 330-day period for CIRP completion had ended on 19.02.2020. Resolution plans were submitted by NTPC Ltd. and Adani Power Ltd. on 30.12.2019. The Committee of Creditors (CoC) was reviewing the resolution plans. The CoC rejected a restructuring proposal from the Promoters, Avantha Holdings Ltd., finding it commercially unviable. The CoC voted (93.07%) in favor of extending the CIRP timeline. The Adjudicating Authority had previously granted extensions and exclusions of time from the CIRP period. The corporate debtor
…The Corporate…
The initial 1…