# In the matter of Korba West Power Co. Ltd. IA 236-2019 in C.P. (IB) No. 190-NCLT-AHM-2018

> NCLT judgment dated 2019-06-24. Citation: TCN-2019-NCLT-02807. The case pertains to an application (IA No. 236 of 2019) filed in CP(IB) No. 190/NCLT/AHM/2018…

- **Court:** NCLT
- **Order date:** 24 Jun 2019
- **Citation:** TCN-2019-NCLT-02807
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/korba-west-power-co-ltd-ia-236-2019-in-cp-ib-no-190-nclt-ahm-2018-3625067f

## Summary

### Background

The case pertains to an application (IA No. 236 of 2019) filed in CP(IB) No. 190/NCLT/AHM/2018 by the Resolution Professional of Korba West Power Company Limited, seeking approval of a resolution plan under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) and Regulation 39(4) of the IBBI Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 10 of the IBC. The Resolution Professional made a public announcement inviting claims from stakeholders. The Committee of Creditors (CoC) was formed, and prospective resolution applicants were invited. After evaluation, resolution plans were received and considered, leading to the selection of Adani Power Limited as the

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## Facts

Korba West Power Company Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 10 of the Insolvency and Bankruptcy Code, 2016. Abhijit Guhathakurta was appointed as the Resolution Professional. A public announcement was made, inviting claims from stakeholders. The Resolution Professional received claims of Rs. 5034.79 crores from 19 financial creditors, admitting Rs. 5032.16 crores. Claims of Rs. 291.33 crores were received from 197 operational creditors, admitting Rs. 111.45 crores. The Committee of Creditors (CoC) was formed, and prospective resolution applicants were invited. Three resolution plans were received from Adani Power Limited, Worlds Window Impex India Private Limited, and Lakshdeep

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Adani Power Limited meets the requirements of Section …

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

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**Reasoning:** The Adjudicating Authority reviewed the resolution plan and found that it conforms to the

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan adequately

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**Application:** The resolution plan was found to provide for the payment of insolvency

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** Abhijit Guhathakur…
- **Respondents:** Korba West Power…

## Timeline

- **2018-07-26 — Admission of CP(IB) No.…**: The Adjudicating Authority admitted CP(IB) No. 190/2018 and appointed Shri Abhijit…
- **2018-08-07 — Public Annou…**: The Resolution Professional made a public announcement as per Section 15 of the Code,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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