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 eligibility of NTPC to participate in the CIRP of the Corporate Debtor and challenged the CoC's decision to reject their proposal under section 12A of the Code. The core issue revolves around whether NTPC was disqualified under section 29A of the Code due to its alleged control over entities with Non-Performing Assets (NPAs) and whether the CoC appropriately considered the applicants' settlement offer.
1. 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).
2. Avantha Holdings submitted a settlement offer to the RP via letters dated 21.12.2020, 26.12.2020, and 25.01.2021, requesting its placement before the CoC.
3. The CoC allegedly gave unfair consideration to the Resolution Plan submitted by National Thermal Power Corporation Limited (NTPC), which Avantha Holdings claimed was ineligible under section 29A(c) of the Code.
4. NTPC submitted its First Plan on 30.12.2019 without an affidavit certifying compliance under section 29A of the
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Corporate Insolvency…
NTPC submitted its…
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 eligibility of NTPC to participate in the CIRP of the Corporate Debtor and challenged the CoC's decision to reject their proposal under section 12A of the Code. The core issue revolves around whether NTPC was disqualified under section 29A of the Code due to its alleged control over entities with Non-Performing Assets (NPAs) and whether the CoC appropriately considered the applicants' settlement offer.
1. 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).
2. Avantha Holdings submitted a settlement offer to the RP via letters dated 21.12.2020, 26.12.2020, and 25.01.2021, requesting its placement before the CoC.
3. The CoC allegedly gave unfair consideration to the Resolution Plan submitted by National Thermal Power Corporation Limited (NTPC), which Avantha Holdings claimed was ineligible under section 29A(c) of the Code.
4. NTPC submitted its First Plan on 30.12.2019 without an affidavit certifying compliance under section 29A of the
Corporate Insolvency…
NTPC submitted its…