Big move by Gautam Adani, acquires this former company of Anil Ambani, its name is…
Adani Power Ltd has moved forward in the process of acquiring the bankrupt Vidarbha Industries Power Ltd. It is a former subsidiary of Anil Ambani led Reliance Power Ltd. The National Company Law Tribunal on 18 June approved Adani Power's Rs 4,000 crore resolution plan to acquire VIPL. A majority nod was given by secured creditors in February.
Adani Power will pay Rs 4,000 crore to acquire the company. Vidarbha Industries owns a 600-megawatt thermal power plant in Nagpur. The resolution plan received 100% voting share. The tribunal also found this plan suitable for revival. Vidarbha Industries Power Current Situation
The company has admitted liabilities of Rs 6,753 crore, and the successful resolution plan has proposed to pay Rs 4,000 crore to acquire the company.
'We find that the Resolution Plan has been approved with 100% voting share. As per the CoC, the plan meets the requirement of being viable and feasible for the revival of the Corporate Debtor,' said the division bench of judicial member Nilesh Sharma and a technical member, Sameer Kakar, in its 75-page order. 'We also observe that none of the stakeholders in the process of CIRP have come forward before this Tribunal with an application objecting to the approval of this Resolution Plan,' added the tribunal.
The tribunal also observed that the resolution plan is binding on the Corporate Debtor (VIPL), its employees, members, creditors, guarantors and other stakeholders. VIPL Anil Ambani Connection
VIPL was earlier a subsidiary of Anil Ambani-owned Reliance Power. It declard insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). Reliance Power had announced last year that VIPL was no longer its subsidiary.
Bimal Kumar Agarwal was appointed by the bench for the interim resolution professional (IRP) to look after the insolvency process. This also includes managing VIPL's assets and inviting resolution plans.
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