# Approval of Resolution Plan - Athena Demwe Power Limited

> NCLT judgment dated 2025-03-18. Citation: TCN-2025-NCLT-00356. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Athena Demwe Power…

- **Court:** NCLT
- **Order date:** 18 Mar 2025
- **Citation:** TCN-2025-NCLT-00356
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-athena-demwe-power-limited-71658ba8

## Summary

### Background

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,

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## Facts

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

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Greenko Energies Private Limited complies with the …

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

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure that it complied with

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**Interpretation:** Section 30(2) is interpreted as setting a minimum threshold for the

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**Application:** The resolution plan submitted by Greenko Energies Private Limited was found to

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## Parties

- **Judges:** SH. ASHOK KUMAR…; Reena Sinh…
- **Appellants:** Indian…
- **Respondents:** Athena Demwe…; M/s. Athena Demwe…

## Timeline

- **2017-09-28 — CIRP Ord…**: This Hon'ble Tribunal directed commencement of CIRP of the Corporate Debtor and appointed…
- **2018-06-01 — Form G (invitation for…**: Per the latest Form G (invitation for resolution plans) issued on June 1, 2018 under…

## 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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