# Approval of Resolution Plan - Vidarbha Industries Power Limited

> NCLT judgment dated 2025-06-18. Citation: TCN-2025-NCLT-00886. The Interlocutory Application (IA) was filed by Mr. Bimal Kumar Agarwal, the Resolution…

- **Court:** NCLT
- **Order date:** 18 Jun 2025
- **Citation:** TCN-2025-NCLT-00886
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-vidarbha-industries-power-limited-55e04d7b

## Summary

### Background

The Interlocutory Application (IA) was filed by Mr. Bimal Kumar Agarwal, the Resolution Professional of Vidarbha Industries Power Limited, seeking approval of the Resolution Plan submitted by Adani Power Limited.

## Facts

Axis Bank Limited and State Bank of India filed company petitions against Vidarbha Industries Power Limited, which were later assigned to CFM Asset Reconstruction Private Limited.

The Corporate Insolvency Resolution Process (CIRP) was initiated against Vidarbha Industries Power Limited, and Mr. Bimal Kumar Agarwal was appointed as the Interim Resolution Professional (IRP).

CFM Asset Reconstruction Private Limited was the sole member of the Committee of Creditors (CoC).

The Resolution Professional (RP) invited Expression of Interest (EOI) from prospective resolution applicants, and received EOIs from 10 PRAs.

Adani Power Limited's resolution plan was unanimously approved by the CoC after a challenge process.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the …

**Ratio:** The Adjudicating Authority is required to satisfy itself that the resolution plan meets

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**Reasoning:** The Adjudicating Authority perused the Resolution Plan and related documents and found

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**Interpretation:** The Resolution Plan must provide for the payment of insolvency resolution

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**Application:** The Adjudicating Authority found that the Resolution Plan provides for all the

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** CFM Asset…; BIMAL KUMAR…
- **Respondents:** Vidarbha Industrie…
- **Advocates:** Gaurav…; Pulkit S…; +7 more

## Timeline

- **2024-10-04 — Public Annou…**: IRP made a Public Announcement in Form 'A' inviting claims from the creditors of the…
- **2024-10-23 — Constitution…**: Applicant constituted the CoC consisting of CFM Asset Reconstruction Private Limited as…

## 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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