Latest news with #FormG
&w=3840&q=100)
Business Standard
17 hours 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.
Time of India
20 hours ago
- Business
- Time of India
JSW Energy to bid for Raigarh Champa Rail Infra as NCLAT allows fresh bidding
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.
The Hindu
20 hours 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
21 hours 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.
Daily Express
15-05-2025
- Business
- Daily Express
ECoS refutes claims on exorbitant fees
Published on: Friday, May 16, 2025 Published on: Fri, May 16, 2025 Text Size: Abdul Nasser also assured owners of installations previously registered under the former Energy Commission (ST) and which have retained their original configuration. Kota Kinabalu: The Energy Commission of Sabah (ECoS) refuted claims in social media that it imposed exorbitant fees for electrical installation registrations. ECoS Chief Executive Officer Datuk Ir Abdul Nasser Abdul Wahid said the figures quoted in several viral videos likely reflect charges imposed by private consultants or contractors and not ECoS. Advertisement 'These payments do not go to ECoS, which is a regulatory authority, not a commercial entity,' he stressed. He explained that consultant and contractor fees are determined by market forces and negotiated directly between installation owners and their chosen service providers. To assist consumers, ECoS provides a comprehensive directory of certified consultants and contractors on its official website, enabling owners to make informed and competitive choices. Abdul Nasser also assured owners of installations previously registered under the former Energy Commission (ST) and which have retained their original configuration. In such cases, a simple declaration will suffice — without the need to re-submit documents such as Form G (completion certificate), Form H (testing certificate) or single-line diagrams. 'We are committed to making the registration process as clear and accessible as possible,' he said. 'Owners can complete the process independently via the ECoS Online System portal, which could reduce the need for costly third-party assistance.' The clarification comes amid increased public attention following the implementation of the Electricity Supply Enactment 2024, which mandates the registration of electrical installations, including standby generators. Nasser stressed that this requirement is not new, but a continuation of existing regulations previously enforced by ST under the Electricity Supply Act 1990. 'Registration is essential for verifying installation safety. 'It allows ECoS to review documentation, assess processes and carry out inspections or testing by qualified personnel when needed,' he said. Addressing public concern over costs, Nasser reiterated that ECoS imposes only one annual registration fee, as outlined under the Electricity Supply Regulations 2024. The rates remain unchanged from the previous structure under ST, ranging from RM30 for installations below 10kW, to RM3,000 for those above 5,000kW. The Commission encourages the public to reach out directly for any clarifications, reiterating that safety remains the top priority in ensuring all installations across Sabah comply with regulated standards. Parti Warisan's Tanjung Aru Assemblyman Datuk Junz Wong claimed that the Sabah GRS-PH government was burdening businesses and households with unnecessary generator registration fees, instead of focusing on fixing the state's power issues. In his social media post, Wong listed alleged costs, including a RM2,000 licence application fee, RM2,000 to RM6,500 for drawing submission, RM2,500 to RM10,000 for G and H forms, and RM500 to RM1,000 for annual licence renewals, questioning why these fees were being imposed during challenging economic times. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
