The insolvency appellate tribunal NCLAT has dismissed the plea of Jindal Power to allow the company to participate in the ongoing resolution process of debt-ridden Tuticorin Coal Terminal.
A two-member bench of the National Company Law Appellate Tribunal (NCLAT) upheld the earlier order passed by the Mumbai Bench of NCLT, which said that under CIRP Regulations, Jindal Power Ltd (JPL) was “ineligible to submit a Resolution Plan” for Tuticorin Coal Terminal.
The appellate tribunal said the process prescribed in the IBC asks for maximisation of the value, but it cannot give a go-by to the existing specific CIRP Regulations, which prevent the entry of companies that are not in the final list of prospective resolution applicants.
