# In the matter of KSK Water Infrastructures Private Ltd.

> NCLT judgment dated 2023-12-22. Citation: TCN-2023-NCLT-00034. The case involves an application (IA No. 1607 of 2023) filed by a consortium of PFC Projects…

- **Court:** NCLT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLT-00034
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ksk-water-infrastructures-private-ltd-2258fc5d

## Summary

### Background

The case involves an application (IA No. 1607 of 2023) filed by a consortium of PFC Projects Limited (PPL), REC Limited (REC), and NTPC Limited (NTPC) challenging the decision of the Committee of Creditors (CoC) and the Resolution Professional (RP) of KSK Water Infrastructure Private Limited to disqualify them from being included in the final list of eligible prospective resolution applicants (PRA) in the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor, KSK Water Infrastructure Private Limited, was admitted into CIRP on 23.08.2021. The RP had invited Expressions of Interest (EOI) from PRAs with a cut-off date of 07.09.2021. Nine EOIs were received. The disqualification was based on the fact that PFC and REC, as members of the Committee of Creditors

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## Facts

KSK Water Infrastructures Private Limited (Corporate Debtor) was admitted into CIRP on 23.08.2021. The Resolution Professional (RP) invited Expressions of Interest (EOI) from Prospective Resolution Applicants (PRAs). A consortium of PFC Projects Limited (PPL), REC Limited (REC), and NTPC Limited (NTPC) (Applicants) submitted an EOI. The Respondents (CoC/RP) disqualified the Applicants from the final list of eligible PRAs. The disqualification was based on the fact that PFC and REC, as members of the Committee of Creditors (CoC) of KSK Mahanadi Power Company Limited (KMPCL), were engaged in legal proceedings with the Corporate Debtor. The RP had obtained an extension to invite the applicants. The EOI was submitted by the applicant on 21.07.2023. The RP conveyed through

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## Issues and analysis

### Issue 1: Whether the decision of the Respondents (CoC/RP) to disqualify the Applicants (PPL, REC, and NTPC) …

**Ratio:** The decision to disqualify applicants from participating in CIRP must be based on sound

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**Reasoning:** The Tribunal reasoned that the disqualification was based on the fact that PFC and REC,

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**Interpretation:** The legal issue revolves around the interpretation of the scope and limitations

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**Application:** The Tribunal applied the ratio to the specific facts of the case, finding that

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** PFC Projects…
- **Respondents:** KSK Water…; V. Venkata…

## Timeline

- **2021-08-23 — CIRP Commen…**: KSK Water Infrastructure Private…
- **2021-09-07 — EOI Cut-of…**: Cut-off date for submitting Expressions of Interest (EOI) from Prospective Resolution…

## 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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