JSW Energy to bid for Raigarh Champa Rail Infra as NCLAT allows fresh bidding
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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.
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