Tuticorin Coal Terminal: NCLAT dismisses plea by Jindal Power - infrabuddy.com

Tuticorin Coal Terminal: NCLAT dismisses plea by Jindal Power

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National Company Law Appellate Tribunal (NCLAT) Monday dismissed an appeal by Jindal Power Limited against Mumbai National Company Law Tribunal (NCLT) ruling that disallowed the company from submitting a resolution plan in Tuticorin Coal Terminal’s insolvency process.

The appellate tribunal said they didn’t find any merits in the appeal and allowing it would violate the Corporate Insolvency Resolution Process (CIRP) regulation while dismissing the appeal.

Jindal Power wanted to be considered as an applicant for the acquisition of insolvent Tuticorin Coal Terminal Pvt Ltd. The NCLT had allowed Jindal Power to participate in resolution process only if its name appeared in final list of Prospective Resolution Applicants (PRA) prepared by the Committee of Creditors (CoC).

Jindal Power had argued that another company, Seapol, was allowed to submit a resolution plan, even though its name had not appeared on the final list of PRA prepared by the CoC and wanted the same right to be extended to it.

The NCLAT had observed in its previous hearing that if Jindal Power is allowed to submit a resolution plan, it will also have to ask other entities interested in taking control of the insolvent company to submit fresh resolution plans. Tuticorin Coal Terminal was admitted to insolvency in February 2020.

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