The case involves an application filed by Vidarbha Industries Power Limited (VIPL), the Corporate Debtor, seeking a stay on the company petition filed against it under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Axis Bank Limited, the Financial Creditor. VIPL, a coal-based thermal power plant, faced financial difficulties due to various factors, including disputes with Reliance Infrastructure Limited (RIL) and Adani Electricity Mumbai Limited (AEML) regarding power purchase agreements (PPA) and tariff revisions. VIPL also encountered challenges in procuring coal under a Fuel Supply Agreement (FSA) due to government apathy, leading to litigation before the Delhi High Court. The financial distress was further exacerbated by RIL's defaults in payment and
…Vidarbha Industries Power Limited (VIPL) is a coal-based thermal power plant located in Nagpur District, Maharashtra. VIPL was awarded the Group Captive Power Project (GCPP) and supplied electricity to Reliance Infrastructure Limited (RIL). The Maharashtra Electricity Regulatory Commission (MERC) approved the procurement of power from VIPL by RIL, subject to certain conditions. A Power Purchase Agreement (PPA) was executed between VIPL and RIL. VIPL commenced supply of power to RIL. Disputes arose between VIPL and RIL regarding tariff revisions and payments. RIL's Mumbai Distribution Business was transferred to Reliance Electric Generation and Supply Limited (REGSL), which was later acquired by Adani Electricity Mumbai Limited (AEML). AEML set off three months'
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MERC granted approval…
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The case involves an application filed by Vidarbha Industries Power Limited (VIPL), the Corporate Debtor, seeking a stay on the company petition filed against it under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Axis Bank Limited, the Financial Creditor. VIPL, a coal-based thermal power plant, faced financial difficulties due to various factors, including disputes with Reliance Infrastructure Limited (RIL) and Adani Electricity Mumbai Limited (AEML) regarding power purchase agreements (PPA) and tariff revisions. VIPL also encountered challenges in procuring coal under a Fuel Supply Agreement (FSA) due to government apathy, leading to litigation before the Delhi High Court. The financial distress was further exacerbated by RIL's defaults in payment and
…Vidarbha Industries Power Limited (VIPL) is a coal-based thermal power plant located in Nagpur District, Maharashtra. VIPL was awarded the Group Captive Power Project (GCPP) and supplied electricity to Reliance Infrastructure Limited (RIL). The Maharashtra Electricity Regulatory Commission (MERC) approved the procurement of power from VIPL by RIL, subject to certain conditions. A Power Purchase Agreement (PPA) was executed between VIPL and RIL. VIPL commenced supply of power to RIL. Disputes arose between VIPL and RIL regarding tariff revisions and payments. RIL's Mumbai Distribution Business was transferred to Reliance Electric Generation and Supply Limited (REGSL), which was later acquired by Adani Electricity Mumbai Limited (AEML). AEML set off three months'
…MERC granted approval…
MIDC grant…