The case pertains to the Corporate Insolvency Resolution Process (CIRP) of KSK Mahanadi Power Company Limited (KMPCL). The CIRP was initiated based on a petition filed by Power Finance Corporation Limited (PFC) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The resolution professional (RP) invited expressions of interest from prospective resolution applicants (PRAs). Several attempts were made to consolidate the CIRP of KMPCL with related entities, which were dismissed. The Committee of Creditors (COC) approved a resolution plan submitted by JSW Energy Limited with a 100% voting share. The RP then filed an application seeking approval of the resolution plan.
Power Finance Corporation Limited (PFC) filed a Company Petition CP(IB) No. 492/7/HDB/2019 under Section 7 of the IBC against KSK Mahanadi Power Company Limited (KMPCL), leading to the initiation of CIRP. Mr. Mahender Kumr Khandelwal was initially appointed as the Interim Resolution Professional (IRP) and later replaced by Mr. Sumit Binani as the Resolution Professional (RP). A public announcement was made on 06.10.2019, inviting claims from creditors. The Committee of Creditors (COC) was constituted on 24.10.2019. The IRP invited Expression of Interest (EOI-1) from Prospective Resolution Applicants (PRAs) on 08.01.2020. Punjab National Bank (PNB), a financial creditor of KSK Water, filed an IA seeking consolidation of CIRPs of KMPCL and KSK Water, which was dismissed.
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The case pertains to the Corporate Insolvency Resolution Process (CIRP) of KSK Mahanadi Power Company Limited (KMPCL). The CIRP was initiated based on a petition filed by Power Finance Corporation Limited (PFC) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The resolution professional (RP) invited expressions of interest from prospective resolution applicants (PRAs). Several attempts were made to consolidate the CIRP of KMPCL with related entities, which were dismissed. The Committee of Creditors (COC) approved a resolution plan submitted by JSW Energy Limited with a 100% voting share. The RP then filed an application seeking approval of the resolution plan.
Power Finance Corporation Limited (PFC) filed a Company Petition CP(IB) No. 492/7/HDB/2019 under Section 7 of the IBC against KSK Mahanadi Power Company Limited (KMPCL), leading to the initiation of CIRP. Mr. Mahender Kumr Khandelwal was initially appointed as the Interim Resolution Professional (IRP) and later replaced by Mr. Sumit Binani as the Resolution Professional (RP). A public announcement was made on 06.10.2019, inviting claims from creditors. The Committee of Creditors (COC) was constituted on 24.10.2019. The IRP invited Expression of Interest (EOI-1) from Prospective Resolution Applicants (PRAs) on 08.01.2020. Punjab National Bank (PNB), a financial creditor of KSK Water, filed an IA seeking consolidation of CIRPs of KMPCL and KSK Water, which was dismissed.
…Order was passed for…
Public announcement of…