NCLAT dismisses BHEL’s pleas against REC over Hiranmaye Energy insolvency
Insolvency appellate tribunal NCLAT on Monday set aside a BHEL petition seeking to halt REC from initiating insolvency proceedings against Hiranmaye Energy, formerly India Power Corp (Haldia).
The NCLAT said it sees no reason to interfere in the order passed by the Kolkata bench of NCLT admitting REC’s insolvency plea against Hiranmaye Energy, and said claims filed by BHEL against the debt-ridden thermal power company should be dealt with in accordance with the law.
The National Company Law Tribunal (NCLT) on January 2, 2024, directed to initiate a Corporate Insolvency Resolution Process (CIRP) against Hiranmaye Energy, admitting the plea filed by REC, formerly known as Rural Electrification Corporation.
