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 to stay further CIRP proceedings, including the receipt of a resolution plan, pending the disposal of IA(IBC)/374/2022. KSK Mahanadi Power Company Ltd. holds a 49% share in KSK Water Infrastructure Private Ltd. and Raigarh Champa Rail Pvt. Ltd., all of which are under CIRP. An earlier attempt to consolidate the resolution process of these three companies was made to maximize asset value. A creditor (Punjab National Bank) had also applied for consolidation of CIRP of R2 with R1, but this was rejected by the Adjudicating Authority and is now under appeal before the NCLAT.
KSK Mahanadi Power Company Ltd. is undergoing CIRP. The Resolution Professional is inviting resolution applicants. 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 application for consolidation of CIRP of R2 with R1 was rejected by the Adjudicating Authority and 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 a stay on further CIRP proceedings, including the receipt of a resolution plan, pending the disposal of IA(IBC)/374/2022. Punjab National Bank also made an application for consolidation of CIRP of R2 with R1.
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CP (IB) No.492/7/HDB/201…
Axis Bank Ltd. filed IA No. 1161 of 2020…
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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 to stay further CIRP proceedings, including the receipt of a resolution plan, pending the disposal of IA(IBC)/374/2022. KSK Mahanadi Power Company Ltd. holds a 49% share in KSK Water Infrastructure Private Ltd. and Raigarh Champa Rail Pvt. Ltd., all of which are under CIRP. An earlier attempt to consolidate the resolution process of these three companies was made to maximize asset value. A creditor (Punjab National Bank) had also applied for consolidation of CIRP of R2 with R1, but this was rejected by the Adjudicating Authority and is now under appeal before the NCLAT.
KSK Mahanadi Power Company Ltd. is undergoing CIRP. The Resolution Professional is inviting resolution applicants. 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 application for consolidation of CIRP of R2 with R1 was rejected by the Adjudicating Authority and 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 a stay on further CIRP proceedings, including the receipt of a resolution plan, pending the disposal of IA(IBC)/374/2022. Punjab National Bank also made an application for consolidation of CIRP of R2 with R1.
CP (IB) No.492/7/HDB/201…
Axis Bank Ltd. filed IA No. 1161 of 2020…
Sign in to view related legal provisions.