The Hyderabad bench of the National Company Law Tribunal (NCLT) on 10 August approved the resolution plan submitted by Vedanta Ltd for Nellore, Andhra Pradesh-based Meenakshi Energy. The resolution plan offers to pay Rs 1,440 crore to creditors of Meenakshi Energy, which owes over Rs 4,625 crore to its financial as well as operational creditors. […]
Statkraft, first MNC to buy bankrupt Indian power firm – EQ Mag
Europe’s largest renewable energy company Statkraft is set to become the first MNC player to buy an Indian power company under the insolvency and bankruptcy code (IBC) process after national company law tribunal (NCLT) approved its Rs. 180 crore offer for Lanco Mandakini Hydro Energy, as per court documents reviewed by ET. Oslo-headquartered Statkraft was […]
SBI moves NCLT against Essel Infraprojects, the bank has Rs 100 crore exposure in 2 SPVs – EQ Mag Pro
The SPVs are involved in separate legal proceedings with SBI. One of them, Coruscation Vidyut Vitaran (Ujjain), which was earlier known as Essel Vidyut Vitaran (Ujjain), is facing proceedings at debts recovery tribunal under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act. State Bank of India has moved the […]
NCLT notice to Madhya Pradesh discom over dues to Tata Power Renewable Energy Ltd
The National Company Law Tribunal (NCLT) on Friday issued notice to the state-run power distribution company of Madhya Pradesh over non-payment of dues to Tata Power Renewable Energy Ltd. The notice issued by NCLT Indore Bench at Ahmedabad is based on the company’s petition seeking initiation of insolvency proceedings on account of Rs 28 crore […]
Tata Power Withdraws Amalgamation of Tata Power Solar Systems, Approves Composite Scheme; Stock Trades Flat
The company had earlier announced the Composite Scheme of Arrangement amongst Coastal Gujarat Power Limited and Tata Power Solar Systems Limited and the company and their respective shareholders. Tata Power Company Limited Board after deliberations, and subject to the requisite statutory and regulatory approvals (including approval of the NCLT and Securities and Exchange Board of […]
Not All Disputes Are Amenable To The Jurisdiction Of Electricity Commission: PPAs Cannot Be Terminated During Moratorium
The Hon’ble Supreme Court in its order dated 08.03.2021 in the matter titled Gujarat Vikas Nigam Limited Vs. Mr. Amit Gupta & Ors. (“Instant Matter”),while upholding order of the National Company Law Appellate Tribunal (“NCLAT”) held that National Company Law Tribunal (“NCLT”) has jurisdiction to adjudicate contractual disputes which arise solely from or which relate […]
NCLT can decide disputes related to insolvency of corporate debtor, says Supreme Court
The Supreme Court on Monday held that National Company Law Tribunal (NCLT) has jurisdiction to decide disputes in connection with the insolvency of a corporate debtor. In a 138-page judgment, a bench of Justices D.Y. Chandrachud and M.R. Shah said: “NCLT has jurisdiction to adjudicate disputes, which arise solely from or which relate to the […]
NCLT begins insolvency process of ReGen Powertech
The National Company Law Tribunal (NCLT) ordered the commencement of a corporate insolvency resolution process of ReGen Powertech on December 9, the interim resolution professional said in a notice dated December 13 in the Times of India. Bengaluru: A tribunal has started insolvency proceedings in the case of Chennai-based wind turbine manufacturer ReGen Powertech, emphasising […]
NCLAT to hear Shapoorji Pallonji’s plea on Adani Power bid for Korba West Power on Oct 15
The Ahmedabad bench of the National Company Law Tribunal (NCLT) had on June 26, 2019 approved the resolution plan by Adani Power for Korba West Power Company NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has said it will hear on October 15 Shapoorji Pallonji and Co’s plea against the NCLT order approving resolution […]
IL&FS proposes to NCLT sale of wind energy assets to ORIX of Japan
The proposal has been filed before the Tribunal after completing binding Share Purchase Agreement with ORIX Corporation and obtaining “in-principle” approval from all lenders for completing this transaction, subject to NCLT approval. Mumbai: Embattled IL&FS group has proposed to the National Company Law Tribunal (NCLT) the sale of its wind energy business to Japan’s Orix […]
