Vidarbha Industries Power Limited (Appellant) appealed against the order of the National Company Law Appellate Tribunal (NCLAT) which upheld the National Company Law Tribunal's (NCLT) decision to refuse a stay on the Corporate Insolvency Resolution Process (CIRP) initiated by Axis Bank Limited (Respondent) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The appellant argued that the NCLT should have considered the overall financial health and viability of the company, especially since a favorable order from the Appellate Tribunal for Electricity (APTEL) was pending implementation due to a stay granted in a related appeal before the Supreme Court. The appellant contended that the NCLT has the discretion to reject an application under Section 7(5)(a) of the
…Vidarbha Industries Power Limited (Appellant) is a power generating company that set up a 600 MW coal-fired thermal power plant in Maharashtra. The Maharashtra Electricity Regulatory Commission (MERC) approved a Power Procurement Agreement between the Appellant and Reliance Industries Limited (RIL). The Appellant filed an application before the MERC for truing up the Aggregate Revenue Requirement. The MERC disallowed a substantial portion of the actual fuel costs claimed by the Appellant and capped the tariff for subsequent financial years. The Appellate Tribunal for Electricity (APTEL) allowed the Appellant's appeal and directed MERC to allow the actual cost of coal purchased. However, MERC filed a Civil Appeal in the Supreme Court challenging the APTEL order, which
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Maharashtra Electricity Regulatory…
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Vidarbha Industries Power Limited (Appellant) appealed against the order of the National Company Law Appellate Tribunal (NCLAT) which upheld the National Company Law Tribunal's (NCLT) decision to refuse a stay on the Corporate Insolvency Resolution Process (CIRP) initiated by Axis Bank Limited (Respondent) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The appellant argued that the NCLT should have considered the overall financial health and viability of the company, especially since a favorable order from the Appellate Tribunal for Electricity (APTEL) was pending implementation due to a stay granted in a related appeal before the Supreme Court. The appellant contended that the NCLT has the discretion to reject an application under Section 7(5)(a) of the
…Vidarbha Industries Power Limited (Appellant) is a power generating company that set up a 600 MW coal-fired thermal power plant in Maharashtra. The Maharashtra Electricity Regulatory Commission (MERC) approved a Power Procurement Agreement between the Appellant and Reliance Industries Limited (RIL). The Appellant filed an application before the MERC for truing up the Aggregate Revenue Requirement. The MERC disallowed a substantial portion of the actual fuel costs claimed by the Appellant and capped the tariff for subsequent financial years. The Appellate Tribunal for Electricity (APTEL) allowed the Appellant's appeal and directed MERC to allow the actual cost of coal purchased. However, MERC filed a Civil Appeal in the Supreme Court challenging the APTEL order, which
…Maharashtra Electricity Regulatory…
The Cabinet Committee on Economic Affairs (CCEA)…