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Business Standard
22-06-2025
- Business
- Business Standard
JSW Energy joins race for Raigarh Champa Rail Infra after NCLAT nod
Appellate tribunal NCLAT has quashed an NCLT order that denied permission to the lenders of debt-ridden Raigarh Champa Rail Infrastructure to start a fresh bidding process. The development has come as a relief to JSW Energy which had sought permission to participate in the insolvency resolution process of Raigarh Champa Rail Infrastructure Pvt Ltd (RCRIPL), an ancillary company of KSK Mahanadi. JSW Energy has already acquired KSK Mahanadi Power, a 3,600 MW thermal power plant in Chhattisgarh, for Rs 16,084 crore through the insolvency process, earlier in March this year. The Chennai-bench of the NCLAT said it sees no demerits in the decision of the lenders' body CoC to invite fresh Expression of Interest (EoI) by re-issuing fresh Form G, inviting new prospective buyers as it "will certainly increase competition and in all likelihood, result in higher bids." ".... since, the EoI is proposed to be reopened for everybody and not for JSW alone, it is fair and transparent and not discriminatory and that since, existing PRAs (Prospective Resolution Applicants) are proposed to be retained with option given to them to participate in challenge mechanism, it is also fair to the existing Resolution Applicants," it said. Moreover, the tribunal over the bid submitted by Medha group, which was the highest and also approved earlier by RCRIPL lenders with 100 per cent votes earlier, said it is "proposed to be the Reserve Price, there cannot be any value erosion of the Corporate Debtor, if EoI process is reopened." Five companies, including Adani Power, Jindal Power, Medha Servo Drives, Sherisha Technologies and Vedanta, were in the race to acquire the special Purpose Vehicle (SPV) promoted by KSK group. Earlier, on April 3, 2025, the Hyderabad bench of the National Company Law Tribunal (NCLT) denied permission to the RP and the lenders' body Committee of Creditors (CoC) for issuance of a fresh Form G and invitation of EoI from new eligible Prospective Resolution Applicants, including JSW Energy. Instead, in fresh bidding, NCLT directed to conduct the challenge mechanism amongst the bidders as earlier decided by the CoC. However, NCLAT said it sees no demerits in the proposal of the RP and decision of the CoC, as going by previous decisions, the lenders' body has the power to call for fresh Form G and permit other PRAs to participate even after submission of EoI. "The Impugned Order of April 3, 2025, is hereby quashed and as a consequence. The relief as sought for, by the Resolution Professional, to be permitted to issue fresh Form G and to invite Expression of Interest (EoI) from new and interested eligible Prospective Resolution Applicants is granted," said the NCLAT order passed on June 19, 2025 by a two member comprising Justice Sharad Kumar Sharma and Jatindranath Swain. Form G under IBC is an Invitation for Expression of Interest (EoI) and is published by the Resolution Professional (RP) to invite potential resolution applicants to submit their proposals for taking over a company undergoing CIRP. JSW Energy has already acquired KSK Mahanadi Power, a 3,600 MW thermal power plant in Chhattisgarh, for Rs 16,084 crore through the insolvency process, earlier in March this year. RCRIPL is an SPV promoted by the KSK group to construct, lay a railway line and associated infrastructure from coal fields in Mand Raigarh to the power stations in Janjgir Champa. It passes through the Indian Railways Network for transporting coal, associated fuels and such other raw materials, as well as fly ash and other. CIRP was started against RCRIPL on January 1, 2021, and the first final Form G was issued on 24.08.2021. However, the EoI submission process remained pending till May 2024, because NCLT directed the RP of KMPCL (KSK Mahanadi Power Company Ltd) not to receive any resolution pending adjudication of various proceedings seeking consolidation of the CIRP of KMPCL and KWIPL (KSK Water Infrastructures). Later on July 4, 2024, CoC approved the resolution plan submitted by Medha with 100 per cent voting share and moved a plea before NCLT. However, before the Hyderabad bench of NCLT could approve Medha's bid, the RP of RCRIPL filed another plea seeking permission for undertaking a challenge mechanism among the resolution applicants/bidders in accordance with the CIRP Regulations. This application for withdrawal of Plan Approval by lenders was approved by a majority voting share of 78.59 per cent of CoC, and NCLT allowed it. However, instead of proceeding with the challenge mechanism, the RP then filed another plea, wherein permission for reopening of the bidding process for RCRI was sought, for the purpose of inviting an EoI from JSW Energy, enabling them to participate in the CIRP. This new request of the RP to allow to opening bidding process and add JSW Energy was denied by NCLT, saying it was contrary to the principles of fairness and the timelines of the CIRP process. Later, JSW Energy also approached NCLT by filing applications seeking permission to participate in the CIRP of Raigarh Champa Rail Infrastructure by requesting issuance of a fresh Form G, which was again dismissed. Finally, a third application was moved by RP to facilitate the entry of JSW as a Resolution Applicant in the CIRP of RCRI. It sought permission of the tribunal for issuance of a fresh Form G and invitation of EoI from new, interested, and eligible Prospective Resolution Applicants for submission of Resolution Plans. This was again rejected by a two-member bench of NCLT comprising Members Sanjay Puri and Rajeev Bhardwaj on April 3, 2025. This was challenged before the appellate tribunal NCLAT, which on June 16 quashed the NCLT order.
Time of India
22-06-2025
- Business
- Time of India
JSW Energy to bid for Raigarh Champa Rail Infra as NCLAT allows fresh bidding
National Company Law Appellate Tribunal quashed a Hyderabad bench NCLT order that denied permission to the lenders of debt-ridden Raigarh Champa Rail Infrastructure to start a fresh bidding process. This is a relief for JSW Energy , which had sought permission to participate in the insolvency resolution process of Raigarh Champa Rail Infrastructure, an ancillary company of KSK Mahanadi. JSW Energy had acquired KSK Mahanadi Power, a 3,600 MW thermal power plant in Chhattisgarh, for Rs 16,084 crore through the insolvency process, earlier in March this year. The Chennai-bench of the NCLAT said it saw no demerits in the decision of the lenders' body CoC to invite fresh Expression of Interest (EoI) by re-issuing fresh Form G, inviting new prospective buyers as it "will certainly increase competition and in all likelihood, result in higher bids." ".... since, the EoI is proposed to be reopened for everybody and not for JSW alone, it is fair and transparent and not discriminatory and that since, existing PRAs (Prospective Resolution Applicants) are proposed to be retained with option given to them to participate in challenge mechanism, it is also fair to the existing Resolution Applicants," it said. The tribunal had said it is" proposed to be the Reserve Price, there cannot be any value erosion of the Corporate Debtor, if EoI process is reopened" over the bid submitted by Medha group, which was the highest and also approved earlier by RCRIPL lenders with 100 per cent votes. Five companies, including Adani Power, Jindal Power, Medha Servo Drives, Sherisha Technologies and Vedanta, had bid to acquire the special Purpose Vehicle (SPV) promoted by KSK group. Earlier, on April 3, 2025, the Hyderabad bench of the NCLT denied permission to the RP and the lenders' body Committee of Creditors (CoC) for issuance of a fresh Form G and invitation of EoI from new eligible Prospective Resolution Applicants, including JSW Energy. In the fresh bidding, the NCLT had directed to conduct the challenge mechanism amongst the bidders as earlier decided by the CoC. However, NCLAT said it sees no demerits in the proposal of the RP and decision of the CoC, as going by previous decisions, the lenders' body has the power to call for fresh Form G and permit other PRAs to participate even after submission of EoI. "The Impugned Order of April 3, 2025, is hereby quashed and as a consequence. The relief as sought for, by the Resolution Professional, to be permitted to issue fresh Form G and to invite Expression of Interest (EoI) from new and interested eligible Prospective Resolution Applicants is granted," said the NCLAT order passed on June 19, 2025 by a two member comprising Justice Sharad Kumar Sharma and Jatindranath Swain. Form G under IBC is an Invitation for Expression of Interest (EoI) and is published by the Resolution Professional (RP) to invite potential resolution applicants to submit their proposals for taking over a company undergoing CIRP. This was challenged before the appellate tribunal NCLAT, which on June 16 quashed the NCLT order.
The Hindu
22-06-2025
- Business
- The Hindu
JSW Energy enters race for Raigarh Champa Rail Infra as NCLAT allows fresh bidding
Appellate tribunal NCLAT has quashed an NCLT order that denied permission to the lenders of debt-ridden Raigarh Champa Rail Infrastructure to start a fresh bidding process. The development has come as a relief to JSW Energy which had sought permission to participate in the insolvency resolution process of Raigarh Champa Rail Infrastructure Pvt Ltd (RCRIPL), an ancillary company of KSK Mahanadi. JSW Energy has already acquired KSK Mahanadi Power, a 3,600 MW thermal power plant in Chhattisgarh, for ₹16,084 crore through the insolvency process, earlier in March this year. The Chennai-bench of the NCLAT said it sees no demerits in the decision of the lenders' body CoC to invite fresh Expression of Interest (EoI) by re-issuing fresh Form G, inviting new prospective buyers as it "will certainly increase competition and in all likelihood, result in higher bids." ".... since, the EoI is proposed to be reopened for everybody and not for JSW alone, it is fair and transparent and not discriminatory and that since, existing PRAs (Prospective Resolution Applicants) are proposed to be retained with option given to them to participate in challenge mechanism, it is also fair to the existing Resolution Applicants," it said. Moreover, the tribunal over the bid submitted by Medha group, which was the highest and also approved earlier by RCRIPL lenders with 100 per cent votes earlier, said it is "proposed to be the Reserve Price, there cannot be any value erosion of the Corporate Debtor, if EoI process is reopened." Five companies, including Adani Power, Jindal Power, Medha Servo Drives, Sherisha Technologies and Vedanta, were in the race to acquire the special Purpose Vehicle (SPV) promoted by KSK group. Earlier, on April 3, 2025, the Hyderabad bench of the National Company Law Tribunal (NCLT) denied permission to the RP and the lenders' body Committee of Creditors (CoC) for issuance of a fresh Form G and invitation of EoI from new eligible Prospective Resolution Applicants, including JSW Energy. Instead, in fresh bidding, NCLT directed to conduct the challenge mechanism amongst the bidders as earlier decided by the CoC. However, NCLAT said it sees no demerits in the proposal of the RP and decision of the CoC, as going by previous decisions, the lenders' body has the power to call for fresh Form G and permit other PRAs to participate even after submission of EoI. "The Impugned Order of April 3, 2025, is hereby quashed and as a consequence. The relief as sought for, by the Resolution Professional, to be permitted to issue fresh Form G and to invite Expression of Interest (EoI) from new and interested eligible Prospective Resolution Applicants is granted," said the NCLAT order passed on June 19, 2025 by a two member comprising Justice Sharad Kumar Sharma and Jatindranath Swain. Form G under IBC is an Invitation for Expression of Interest (EoI) and is published by the Resolution Professional (RP) to invite potential resolution applicants to submit their proposals for taking over a company undergoing CIRP. JSW Energy has already acquired KSK Mahanadi Power, a 3,600 MW thermal power plant in Chhattisgarh, for ₹16,084 crore through the insolvency process, earlier in March this year. RCRIPL is an SPV promoted by the KSK group to construct, lay a railway line and associated infrastructure from coal fields in Mand Raigarh to the power stations in Janjgir Champa. It passes through the Indian Railways Network for transporting coal, associated fuels and such other raw materials, as well as fly ash and other. CIRP was started against RCRIPL on January 1, 2021, and the first final Form G was issued on 24.08.2021. However, the EoI submission process remained pending till May 2024, because NCLT directed the RP of KMPCL (KSK Mahanadi Power Company Ltd) not to receive any resolution pending adjudication of various proceedings seeking consolidation of the CIRP of KMPCL and KWIPL (KSK Water Infrastructures). Later on July 4, 2024, CoC approved the resolution plan submitted by Medha with 100% voting share and moved a plea before NCLT. However, before the Hyderabad bench of NCLT could approve Medha's bid, the RP of RCRIPL filed another plea seeking permission for undertaking a challenge mechanism among the resolution applicants/bidders in accordance with the CIRP Regulations. This application for withdrawal of Plan Approval by lenders was approved by a majority voting share of 78.59% of CoC, and NCLT allowed it. However, instead of proceeding with the challenge mechanism, the RP then filed another plea, wherein permission for reopening of the bidding process for RCRI was sought, for the purpose of inviting an EoI from JSW Energy, enabling them to participate in the CIRP. This new request of the RP to allow to opening bidding process and add JSW Energy was denied by NCLT, saying it was 'contrary to the principles of fairness and the timelines of the CIRP process'. Later, JSW Energy also approached NCLT by filing applications seeking permission to participate in the CIRP of Raigarh Champa Rail Infrastructure by requesting issuance of a fresh Form G, which was again dismissed. Finally, a third application was moved by RP to facilitate the entry of JSW as a Resolution Applicant in the CIRP of RCRI. It sought permission of the tribunal for issuance of a fresh Form G and invitation of EoI 'from new, interested, and eligible Prospective Resolution Applicants' for submission of Resolution Plans. This was again rejected by a two-member bench of NCLT comprising Members Sanjay Puri and Rajeev Bhardwaj on April 3, 2025. This was challenged before the appellate tribunal NCLAT, which on June 16 quashed the NCLT order.
Time of India
22-06-2025
- Business
- Time of India
JSW Energy to bid for Raigarh Champa Rail Infra as NCLAT allows fresh bidding
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel National Company Law Appellate Tribunal quashed a Hyderabad bench NCLT order that denied permission to the lenders of debt-ridden Raigarh Champa Rail Infrastructure to start a fresh bidding process. This is a relief for JSW Energy , which had sought permission to participate in the insolvency resolution process of Raigarh Champa Rail Infrastructure, an ancillary company of KSK Energy had acquired KSK Mahanadi Power, a 3,600 MW thermal power plant in Chhattisgarh, for Rs 16,084 crore through the insolvency process, earlier in March this Chennai-bench of the NCLAT said it saw no demerits in the decision of the lenders' body CoC to invite fresh Expression of Interest (EoI) by re-issuing fresh Form G, inviting new prospective buyers as it "will certainly increase competition and in all likelihood, result in higher bids."".... since, the EoI is proposed to be reopened for everybody and not for JSW alone, it is fair and transparent and not discriminatory and that since, existing PRAs (Prospective Resolution Applicants) are proposed to be retained with option given to them to participate in challenge mechanism, it is also fair to the existing Resolution Applicants," it tribunal had said it is" proposed to be the Reserve Price, there cannot be any value erosion of the Corporate Debtor, if EoI process is reopened" over the bid submitted by Medha group, which was the highest and also approved earlier by RCRIPL lenders with 100 per cent companies, including Adani Power, Jindal Power, Medha Servo Drives, Sherisha Technologies and Vedanta, had bid to acquire the special Purpose Vehicle (SPV) promoted by KSK on April 3, 2025, the Hyderabad bench of the NCLT denied permission to the RP and the lenders' body Committee of Creditors (CoC) for issuance of a fresh Form G and invitation of EoI from new eligible Prospective Resolution Applicants, including JSW the fresh bidding, the NCLT had directed to conduct the challenge mechanism amongst the bidders as earlier decided by the NCLAT said it sees no demerits in the proposal of the RP and decision of the CoC, as going by previous decisions, the lenders' body has the power to call for fresh Form G and permit other PRAs to participate even after submission of EoI."The Impugned Order of April 3, 2025, is hereby quashed and as a consequence. The relief as sought for, by the Resolution Professional, to be permitted to issue fresh Form G and to invite Expression of Interest (EoI) from new and interested eligible Prospective Resolution Applicants is granted," said the NCLAT order passed on June 19, 2025 by a two member comprising Justice Sharad Kumar Sharma and Jatindranath G under IBC is an Invitation for Expression of Interest (EoI) and is published by the Resolution Professional (RP) to invite potential resolution applicants to submit their proposals for taking over a company undergoing was challenged before the appellate tribunal NCLAT, which on June 16 quashed the NCLT order.
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Business Standard
08-06-2025
- Business
- Business Standard
NCLAT rejects Byju's plea on Aakash shareholding status quo directive
The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition filed by the resolution professional (RP) of Think & Learn Pvt Ltd (TLPL), the parent firm of edtech major Byju's, which had challenged a National Company Law Tribunal (NCLT) order directing the maintenance of status quo in the shareholding of Aakash Educational Services Ltd (AESL). A two-member Bench of the appellate tribunal, comprising Justice Sharad Kumar Sharma and technical member Jatindranath Swain, said the NCLT's order was a 'consensual' and 'interlocutory' direction, and did not warrant appellate intervention at this stage. 'Since the impugned order takes the shape of an interlocutory order, which is not deciding any of the rights of the parties, coupled with the fact that the order takes the shape of a consenting order, no interference is called for,' the Bench noted. Aakash shareholding row linked to equity raising The dispute stems from equity fundraising plans by AESL, in which TLPL holds a 25 per cent stake. TLPL's RP moved the NCLAT after the NCLT's Chennai Bench passed an interim order on March 27 directing the maintenance of status quo in the company's shareholding structure. A challenge to this order by AESL led to a Karnataka High Court judgment on April 8, which set aside the NCLT's interim directive and remanded the case for fresh hearing. At the NCLT's subsequent hearing on April 30, TLPL's counsel Abhinav Vasisht argued that the company's stake was being diluted despite the previous directive and raised concerns over hypothecation of AESL assets and alterations to the Articles of Association that protected TLPL's interests. Also Read: Due to the complexity of the submissions and the court's approaching summer break, the NCLT passed a consent order maintaining the current shareholding pattern until TLPL's application for interim relief could be fully heard. Challenging this consent order, TLPL's RP approached the NCLAT. However, the appellate tribunal ruled that the directive was non-final and did not infringe upon substantive rights. 'Thus, the instant Company Appeal (AT) (CH) No. 68 / 2025 lacks merits and the same is accordingly dismissed,' the order stated. The development is the latest in a series of legal entanglements involving Byju's. The Supreme Court has admitted the pleas but stayed the NCLT proceedings against them, directing parties to maintain status quo for two weeks pending further hearings.
