Latest news with #PurposeVehicle
&w=3840&q=100)
Business Standard
a day ago
- 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.
The Hindu
a day ago
- 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
a day ago
- 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.
Time of India
14-05-2025
- Business
- Time of India
Shipbuilding and repair cluster to be established in Nellore district of Andhra Pradesh
DoneVijayawada: A shipbuilding and repair cluster will be established at Dugarajapatnam in Nellore district, in a major fillip to the industrial sector in the initial feasibility report has been prepared for the establishment of the cluster—a promise made in the AP Bifurcation Act, 2014. According to the feasibility report, the cluster will come up on 2,000 acres through central and state govt plan includes setting up a greenfield port integrated with a shipbuilding and repair hub featuring four dry docks, outfitting jetties, and a ship-lift facility. Of the 2,000 acres, 1,000 acres will be allocated for core shipbuilding units and the other 1,000 acres for ancillary industries. The estimated central investment for the project is 3,500 crore, and the govt of Andhra Pradesh will contribute land as equity.A Special Purpose Vehicle (SPV) will be formed for implementation and attracting leading global players in the shipbuilding sector. Chief minister N Chandrababu Naidu chaired a meeting with officials from the Union Ministry of Ports, Shipping and Waterways, including the secretary TK Ramachandran. The discussions focused on fast-tracking port infrastructure and maritime development projects in Andhra officials informed the CM that the project is expected to bring 26,000 crore in investments over the next five years and can generate direct employment for 5,000 people and create indirect employment for approximately 30,000 more. Naidu instructed officials to formulate a detailed action plan to take the project forward. Other ongoing port and coastal development initiatives were also reviewed during the Naidu urged central officials to make cargo movement via Visakhapatnam Port more cost-effective, recognizing it as a key strategic asset for the CM was also briefed on emerging opportunities in cruise tourism. He directed officials to explore river cruise circuits in picturesque regions like Polavaram, Srisailam, and Nagarjuna Sagar to boost tourism and local economies.
India Today
14-05-2025
- Business
- India Today
Andhra to develop port-based economy with Rs 3,500 crore project: Chandrababu Naidu
Andhra Pradesh Chief Minister N Chandrababu Naidu announced an ambitious plan to develop a port-based economy by harnessing the state's 1,000 kilometre-long coastline. The plan envisions the establishment of ports or fishing harbours at every 50 kilometre interval along the coast, a move the Chief Minister said would stimulate economic growth, generate employment and create critical infrastructure."We have unveiled a strategic plan to build a port-based economy by harnessing Andhra Pradesh's 1,000-kilometre coastline," Naidu said in a press release issued on part of the central government's bifurcation-era commitment, a key initiative under discussion is the creation of a Ship Building and Repair Cluster at Dugarajapatnam in Nellore district. Based on an initial feasibility report, the project is proposed to be developed over 2,000 acres through a collaborative effort between the central and state governments. Of this, 1,000 acres will be dedicated to core ship-building units and the remaining 1,000 acres to ancillary industries. The project includes the development of a greenfield port integrated with a ship-building and repair hub. This hub will feature four dry docks, outfitting jetties and a ship-lift facility. The estimated investment from the central government is Rs 3,500 crore, while the Andhra Pradesh government will contribute land as Chief Minister said that a Special Purpose Vehicle (SPV) will be formed to attract global ship-building companies. The project is expected to bring in investments worth Rs 26,000 crore and create 5,000 direct jobs and 30,000 indirect directed officials to prepare a detailed action plan to expedite implementation. He also stressed the importance of enhancing cargo movement through Visakhapatnam Port, highlighting its significance to the state's overall development. IN THIS STORY#Andhra Pradesh
