Chhattisgarh State Power Distribution Co. Limited (Applicant), an operational creditor, filed an Interlocutory Application (IA) seeking the admission of an additional claim amount of Rs. 47,59,85,419/- against KSK Mahanadi Power Company Limited (Corporate Debtor) and the modification of the Resolution Plan, which had already been approved by the Tribunal on 13.02.2025. The Applicant's claim stemmed from liquidated damages and penalties for short supply of power under a Power Purchase Agreement. The Resolution Professional, Mr. Sumit Binani, had partially admitted the Applicant's claim, leading to the dispute.
The Corporate Insolvency Resolution Process (CIRP) of KSK Mahanadi Power Company Limited (KMPCL) was initiated on 03.10.2019, based on a petition filed by Power Finance Corporation Limited under Section 7 of the IBC.
Mr. Sumit Binani was appointed as the Resolution Professional (RP) on 16.06.2020.
A public announcement inviting claims was made on 06.10.2019, with 17.10.2019 as the last date for submission of claims.
Chhattisgarh State Power Distribution Co. Limited (Applicant) is a governmental authority and an operational creditor of KMPCL.
The Applicant had a Power Purchase Agreement (PPA) dated 18.10.2013 and a supplementary agreement dated 15.06.2015 with KMPCL for power supply.
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Corporate Debtor (KMPCL) and erstwhile…
A supplementary…
Chhattisgarh State Power Distribution Co. Limited (Applicant), an operational creditor, filed an Interlocutory Application (IA) seeking the admission of an additional claim amount of Rs. 47,59,85,419/- against KSK Mahanadi Power Company Limited (Corporate Debtor) and the modification of the Resolution Plan, which had already been approved by the Tribunal on 13.02.2025. The Applicant's claim stemmed from liquidated damages and penalties for short supply of power under a Power Purchase Agreement. The Resolution Professional, Mr. Sumit Binani, had partially admitted the Applicant's claim, leading to the dispute.
The Corporate Insolvency Resolution Process (CIRP) of KSK Mahanadi Power Company Limited (KMPCL) was initiated on 03.10.2019, based on a petition filed by Power Finance Corporation Limited under Section 7 of the IBC.
Mr. Sumit Binani was appointed as the Resolution Professional (RP) on 16.06.2020.
A public announcement inviting claims was made on 06.10.2019, with 17.10.2019 as the last date for submission of claims.
Chhattisgarh State Power Distribution Co. Limited (Applicant) is a governmental authority and an operational creditor of KMPCL.
The Applicant had a Power Purchase Agreement (PPA) dated 18.10.2013 and a supplementary agreement dated 15.06.2015 with KMPCL for power supply.
…Corporate Debtor (KMPCL) and erstwhile…
A supplementary…