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JSW Energy serves notice to terminate resolution plan to acquire Ind-Barath Energy

JSW Energy serves notice to terminate resolution plan to acquire Ind-Barath Energy
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JSW Energy has served a notice to terminate the resolution plan to acquire Ind-Barath Energy with immediate effect, a regulatory filing stated. The Company has accordingly served MAC’s notice to the RP and the CoC today and terminated the Resolution Plan with immediate effect, a BSE filing said.

On Tuesday, Sajjan Jindal-led JSW Energy announced that it had junked its plan to acquire Ind-Barath Energy (Utkal) Ltd being pursued through the National Company Law Tribunal (NCLT) route.

Ind-Barath Energy is setting up a 700 MW thermal power project in Odisha. JSW Energy has served a notice to terminate the resolution plan to acquire Ind-Barath Energy with immediate effect, a regulatory filing stated. JSW Energy had submitted a Resolution Plan to the Committee of Creditors (‘CoC’) for the Corporate Insolvency Resolution of Ind-Barath Energy (Utkal) Limited (‘Corporate Debtor’) on 3rd October 2019. The CoC approved the Resolution Plan on 14th October 2019. The Resolution Professional (‘RP’) filed an application to the National Company Law Tribunal for approval.

“In the intervening period of more than 15 months since the submission of the Resolution Plan, a Material Adverse Change (MAC) event, as defined under the Resolution Plan, has occurred.

“A MAC event entitles the Company to terminate the Resolution Plan. The Company has accordingly served a notice of MAC to the RP and the CoC today and terminated the Resolution Plan with immediate effect,” a BSE filing said.

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Written by Ritik Gupta

His name is Ritik Gupta; currently pursuing law. He has always kept pride as his everything. He deems writing as not like any other hobby but a reflection of one’s intellectuality. He likes to research on the parasitic problems and then lay them down in such a means that can be of assistance to the society. He just not studies law but treats it a controversial weapon to defeat the wrong.

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