# In the matter of KSK Mahanadi Power Company Ltd.

> NCLT judgment dated 2022-06-07. Citation: TCN-2022-NCLT-02357. The case involves a petition to defer the submission of a resolution plan and the CIRP process…

- **Court:** NCLT
- **Order date:** 7 Jun 2022
- **Citation:** TCN-2022-NCLT-02357
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ksk-mahanadi-power-company-ltd-0847e8dd

## Summary

### Background

The case involves a petition to defer the submission of a resolution plan and the CIRP process for KSK Mahanadi Power Company Ltd. The applicant seeks a stay on further CIRP proceedings, including the receipt of a resolution plan, pending the disposal of IA(IBC)/374/2022. The main company, KSK Mahanadi Power Company Ltd., has a 49% shareholding in KSK Water Infrastructure Private Ltd. and Raigarh Champa Rail Pvt. Ltd., all of which are under CIRP. An earlier effort to consolidate the resolution process of all three companies was made to maximize asset value. Punjab National Bank, a creditor, had also applied for consolidation of CIRP of R2 with R1, which was rejected but is now under appeal before the NCLAT.

## Facts

KSK Mahanadi Power Company Ltd. is undergoing CIRP. The Resolution Professional is inviting Resolution Applicants. The applicant seeks to defer the submission of the Resolution Plan and the CIRP process. KSK Mahanadi Power Company Ltd. holds 49% shares in KSK Water Infrastructure Private Ltd. and Raigarh Champa Rail Pvt. Ltd., which are also under CIRP. An earlier attempt to consolidate the CIRP of all three companies was made. Punjab National Bank's application for consolidation of CIRP was rejected but is under appeal before NCLAT. Axis Bank Ltd. filed IA No. 1161 of 2020 seeking consolidation of CIRPs of the three Corporate Debtors. The applicant seeks relevant reliefs as prayed for in the Application.

## Issues and analysis

### Issue 1: Whether the submission of the Resolution Plan and the CIRP process should be deferred pending the …

**Ratio:** The court has the power to issue orders to ensure the smooth and efficient conduct of the

…

**Reasoning:** The court considered that an appeal regarding the consolidation of CIRPs for related

…

**Interpretation:** The court interpreted its powers under the IBC to include the ability to manage

…

**Application:** The court applied this ratio to the specific facts by deferring the Resolution

…

## Parties

- **Judges:** Bhaskara Pantula…; BINOD KUMAR…
- **Appellants:** Power Finance…
- **Respondents:** KSK Mahanadi…

## Timeline

- **2022-06-07 — Hearing…**: Hearing held on 07.06.2022 at…
- **2020-01-01 — IA No. 99…**: IA No. 998/202…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ksk-mahanadi-power-company-ltd-0847e8dd