The case pertains to the liquidation of Simhapuri Energy Limited (SEL), the Corporate Debtor. The liquidation process was initiated after the Resolution Professional (RP) failed to find a viable resolution plan. The Tribunal ordered liquidation on 06.10.2021. The Liquidator then initiated an e-auction process for the sale of the Corporate Debtor as a going concern. Jindal Power Limited (JPL) emerged as the successful bidder with a financial proposal of INR 335 crores. A Letter of Intent (LOI) was issued to JPL, which they accepted. However, the process faced delays due to an interim stay granted by the High Court of Telangana based on a petition filed by one of the shareholders, Madhucon Infra Limited. The High Court later set aside the stay and ordered the
…1. Simhapuri Energy Limited (SEL) was undergoing liquidation after failing to find a resolution plan during the CIRP.
2. The Tribunal ordered liquidation on 06.10.2021.
3. The Liquidator initiated an e-auction for the sale of the Corporate Debtor as a going concern.
4. Jindal Power Limited (JPL) submitted a bid of INR 335 crores and was declared the successful bidder on 06.03.2022.
5. The Liquidator issued a Letter of Intent (LOI) to JPL on 07.03.2022, which JPL accepted on 08.03.2022.
6. JPL faced delays in depositing the balance sale consideration due to an interim stay granted by the High Court of Telangana on 01.04.2022, based on a petition by Madhucon Infra Limited, a shareholder.
7. The Liquidator challenged the High Court's stay order, and the High Court set aside the
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Tribunal admitted the…
Tribunal ordered…
The case pertains to the liquidation of Simhapuri Energy Limited (SEL), the Corporate Debtor. The liquidation process was initiated after the Resolution Professional (RP) failed to find a viable resolution plan. The Tribunal ordered liquidation on 06.10.2021. The Liquidator then initiated an e-auction process for the sale of the Corporate Debtor as a going concern. Jindal Power Limited (JPL) emerged as the successful bidder with a financial proposal of INR 335 crores. A Letter of Intent (LOI) was issued to JPL, which they accepted. However, the process faced delays due to an interim stay granted by the High Court of Telangana based on a petition filed by one of the shareholders, Madhucon Infra Limited. The High Court later set aside the stay and ordered the
…1. Simhapuri Energy Limited (SEL) was undergoing liquidation after failing to find a resolution plan during the CIRP.
2. The Tribunal ordered liquidation on 06.10.2021.
3. The Liquidator initiated an e-auction for the sale of the Corporate Debtor as a going concern.
4. Jindal Power Limited (JPL) submitted a bid of INR 335 crores and was declared the successful bidder on 06.03.2022.
5. The Liquidator issued a Letter of Intent (LOI) to JPL on 07.03.2022, which JPL accepted on 08.03.2022.
6. JPL faced delays in depositing the balance sale consideration due to an interim stay granted by the High Court of Telangana on 01.04.2022, based on a petition by Madhucon Infra Limited, a shareholder.
7. The Liquidator challenged the High Court's stay order, and the High Court set aside the
Tribunal admitted the…
Tribunal ordered…