The case involves an application (IA (IB) No.537/KB/2021) filed by Avantha Holdings Limited and another against the Resolution Professional (RP) of Jhabua Power Limited, the Corporate Debtor, and the Committee of Creditors (CoC) under section 60(5) of the Insolvency & Bankruptcy Code, 2016. The applicants sought declarations regarding the ineligibility of NTPC to participate in the CIRP of the Corporate Debtor under section 29A of the Code, setting aside the CoC's decision to reject the applicant's proposal, and directing the CoC to consider the applicant's proposal under section 12A of the Code.
Avantha Holdings Limited, the promoter and shareholder of Avantha Power and Infrastructure Limited, which holds 17.9% shares of Jhabua Power Limited (JPL), filed an application against the Resolution Professional (RP) of JPL, the Corporate Debtor, and the Committee of Creditors (CoC). Avantha Holdings submitted a settlement offer to the RP, which was allegedly not considered fairly by the CoC. The CoC favored the Resolution Plan submitted by National Thermal Power Corporation Limited (NTPC), which Avantha Holdings claimed was ineligible under section 29A(c) of the Code. NTPC submitted its First Plan on 30.12.2019 without an affidavit certifying compliance under section 29A of the Code. At that time, NTPC was the promoter of and held equity shares in Ratnagiri Gas and
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Corporate Insolvency…
NTPC affirmed an…
The case involves an application (IA (IB) No.537/KB/2021) filed by Avantha Holdings Limited and another against the Resolution Professional (RP) of Jhabua Power Limited, the Corporate Debtor, and the Committee of Creditors (CoC) under section 60(5) of the Insolvency & Bankruptcy Code, 2016. The applicants sought declarations regarding the ineligibility of NTPC to participate in the CIRP of the Corporate Debtor under section 29A of the Code, setting aside the CoC's decision to reject the applicant's proposal, and directing the CoC to consider the applicant's proposal under section 12A of the Code.
Avantha Holdings Limited, the promoter and shareholder of Avantha Power and Infrastructure Limited, which holds 17.9% shares of Jhabua Power Limited (JPL), filed an application against the Resolution Professional (RP) of JPL, the Corporate Debtor, and the Committee of Creditors (CoC). Avantha Holdings submitted a settlement offer to the RP, which was allegedly not considered fairly by the CoC. The CoC favored the Resolution Plan submitted by National Thermal Power Corporation Limited (NTPC), which Avantha Holdings claimed was ineligible under section 29A(c) of the Code. NTPC submitted its First Plan on 30.12.2019 without an affidavit certifying compliance under section 29A of the Code. At that time, NTPC was the promoter of and held equity shares in Ratnagiri Gas and
…Corporate Insolvency…
NTPC affirmed an…