The Nationwide Firm Regulation Appellate Tribunal (NCLAT) dismissed the appeals difficult an order by NCLT, Mumbai approving the decision plan submitted by Sarda Vitality & Minerals Ltd. (SEML) for SKS Energy Technology (Chhattisgarh) Ltd.
The appeals had been moved by unsuccessful decision candidates Torrent Energy Ltd., Jindal Energy Ltd. and Vantage Level Asset Administration Pte. Ltd.
In its judgment, the NCLAT stated the appellants couldn’t make out adequate grounds to intrude with the NCLT’s resolution.
“The legislation as laid down by the Hon’ble Supreme Court docket…. clearly give[s] paramount significance to the choice of the CoC [Committee of Creditors] taken in business knowledge to approve a Decision Plan and Hon’ble Supreme Court docket has outlined the restricted jurisdiction of NCLT and NCLAT to intrude with the stated resolution of the CoC,” the NCLAT stated.
The ruling on this enchantment comes after the Mumbai bench of the NCLT had permitted SEML’s decision plan by means of an order on August 13, 2024.
SKS Energy’s amalgamation with SEML grew to become efficient from September 3, 2024 and the latter had taken management of SKS after buying it for Rs. 1,950 crore.
SKS has an operational coal-based energy plant with a complete capability of 600 MW, with prepared infrastructure for an additional 600 MW.
Printed – October 01, 2024 08:41 pm IST
