The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Athena Demwe Power Limited, initiated by Indian Bank due to defaults in repayment. The CIRP was triggered following a Company Petition filed by Indian Bank. The initial resolution plan submitted by Sikkim Power Investment Corporation Limited (SPICL) was rejected due to non-compliance with performance security requirements. Subsequently, THDC India Limited expressed interest in submitting a resolution plan. The Committee of Creditors (CoC) deliberated on the matter, considering the delays and issues with the previous resolution applicant, SPICL. The CoC then approved a resolution plan submitted by Greenko Energies Private Limited, which proposed a total payment exceeding the admitted claims,
…Indian Bank initiated CIRP against Athena Demwe Power Limited due to loan defaults. An initial resolution plan by SPICL was rejected for failing to provide performance security. THDC India Limited expressed interest in submitting a resolution plan. The CoC approved a resolution plan by Greenko Energies Private Limited, offering a total payment of Rs. 641.99 Cr, exceeding the admitted claims. Greenko submitted a performance bank guarantee of Rs. 128,39,80,000. The resolution plan provides for 100% payment to all creditors and addresses the cause of default. The Resolution Professional certified that the plan complies with the IBC and regulations. The plan includes provisions for the management of the corporate debtor, supervision by a Monitoring Committee, and a
…Sign in to view the parties.
This Hon'ble Tribunal directed commencement of…
Per the latest Form G (invitation for…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Athena Demwe Power Limited, initiated by Indian Bank due to defaults in repayment. The CIRP was triggered following a Company Petition filed by Indian Bank. The initial resolution plan submitted by Sikkim Power Investment Corporation Limited (SPICL) was rejected due to non-compliance with performance security requirements. Subsequently, THDC India Limited expressed interest in submitting a resolution plan. The Committee of Creditors (CoC) deliberated on the matter, considering the delays and issues with the previous resolution applicant, SPICL. The CoC then approved a resolution plan submitted by Greenko Energies Private Limited, which proposed a total payment exceeding the admitted claims,
…Indian Bank initiated CIRP against Athena Demwe Power Limited due to loan defaults. An initial resolution plan by SPICL was rejected for failing to provide performance security. THDC India Limited expressed interest in submitting a resolution plan. The CoC approved a resolution plan by Greenko Energies Private Limited, offering a total payment of Rs. 641.99 Cr, exceeding the admitted claims. Greenko submitted a performance bank guarantee of Rs. 128,39,80,000. The resolution plan provides for 100% payment to all creditors and addresses the cause of default. The Resolution Professional certified that the plan complies with the IBC and regulations. The plan includes provisions for the management of the corporate debtor, supervision by a Monitoring Committee, and a
…This Hon'ble Tribunal directed commencement of…
Per the latest Form G (invitation for…