Unsuccessful resolution applicants (Torrent Power Ltd., Vantage Point Asset Management Pte. Ltd., and Jindal Power Limited) challenged the approval of the Resolution Plan submitted by Sarda Energy and Minerals Limited (SEML) for the Corporate Debtor, SKS Power Generation (Chhattisgarh) Limited. The appellants contended that SEML had modified its commercial offer after the negotiation process concluded, specifically by allegedly increasing its commitment towards Bank Guarantees (BGs) and converting a deferred payment offer into an upfront payment, in breach of the process note and RFRP. The NCLT initially remitted SEML's plan for reconsideration but later approved it, rejecting the other applicants' pleas. The NCLAT affirmed the NCLT's final decision, emphasizing the
…SKS Power Generation (Chhattisgarh) Ltd. is the Corporate Debtor.
Bank of Baroda filed an application under Section 7 of the IBC against the Corporate Debtor, which was admitted by NCLT on 29.04.2022.
Mr. Ashish Arjunkumar Rathi was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP) by the CoC and NCLT.
On 17.07.2022, the RP issued Form-G inviting Expressions of Interest (EoIs) from prospective resolution applicants.
The RP issued a Request for Resolution Plan (RFRP), Information Memorandum, and provided access to the Virtual Data Room on 12.08.2022.
The final date for submission of Resolution Plans was decided as 30.12.2022, after several extensions.
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NCLT admitted the application filed by Bank of…
The RP issued Form-G inviting Expressions of…
Unsuccessful resolution applicants (Torrent Power Ltd., Vantage Point Asset Management Pte. Ltd., and Jindal Power Limited) challenged the approval of the Resolution Plan submitted by Sarda Energy and Minerals Limited (SEML) for the Corporate Debtor, SKS Power Generation (Chhattisgarh) Limited. The appellants contended that SEML had modified its commercial offer after the negotiation process concluded, specifically by allegedly increasing its commitment towards Bank Guarantees (BGs) and converting a deferred payment offer into an upfront payment, in breach of the process note and RFRP. The NCLT initially remitted SEML's plan for reconsideration but later approved it, rejecting the other applicants' pleas. The NCLAT affirmed the NCLT's final decision, emphasizing the
…SKS Power Generation (Chhattisgarh) Ltd. is the Corporate Debtor.
Bank of Baroda filed an application under Section 7 of the IBC against the Corporate Debtor, which was admitted by NCLT on 29.04.2022.
Mr. Ashish Arjunkumar Rathi was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP) by the CoC and NCLT.
On 17.07.2022, the RP issued Form-G inviting Expressions of Interest (EoIs) from prospective resolution applicants.
The RP issued a Request for Resolution Plan (RFRP), Information Memorandum, and provided access to the Virtual Data Room on 12.08.2022.
The final date for submission of Resolution Plans was decided as 30.12.2022, after several extensions.
…NCLT admitted the application filed by Bank of…
The RP issued Form-G inviting Expressions of…