NCLAT to hear Shapoorji Pallonji’s plea on Korba West Power on Oct 15

Construction to shipping conglomerate Shapoorji Pallonji Group has approached the National Company Law Appellate Tribunal (NCLAT) against a judgment of Ahmedabad Bench of National Company Law Tribunal (NCLT) approving a resolution plan that gave no funds to the company. The NCLAT will hear the case on October 15.

The Ahmedabad Bench had in June approved a resolution plan for Korba West Power, which gave the unsecured financial creditor its entire claim while handing the secured lenders only 32.84 per cent of their claimed amount. Shapoorji Pallonji, which had constructed the Korba West Power plant, got ‘nil’ amount against their total claim of Rs 45 crore.