# Approval of Resolution Plan - KSK Mahanadi Power Company Limited

> NCLT judgment dated 2025-02-13. Citation: TCN-2025-NCLT-00496. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of KSK Mahanadi Power…

- **Court:** NCLT
- **Order date:** 13 Feb 2025
- **Citation:** TCN-2025-NCLT-00496
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-ksk-mahanadi-power-company-limited-921ec5dd

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by JSW Energy Limited meets the requirements of Section 30(2) …

**Ratio:** Section 30(2) of the IBC and Regulation 38 of the CIRP Regulations prescribe the

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**Reasoning:** The NCLT considered the compliance check conducted by the applicant and the submissions

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**Interpretation:** The interpretation of Section 30(2) and Regulation 38 requires a thorough

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**Application:** The NCLT found that the resolution plan satisfies the requirements of Section

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Power Finance…
- **Respondents:** KSK Mahanadi…

## Timeline

- **2019-10-03 — Order for Commencement…**: Order was passed for commencement of CIRP…
- **2019-10-06 — Public Annou…**: Public announcement of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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