NEW DELHI: The NCLAT has upheld the 2019 resolution plan of Adani Power’s bid for Korba West Power and has asked Shapoorji Pallonji to pursue arbitration proceedings for pending claims.
The appellate tribunal was deciding over a petition filed by Shapoorji Pallonji against an order passed by the Ahmedabad bench of the NCLT on June 24, 2019, approving the resolution plan by Adani Power. Shapoorji Pallonji has claims of Rs 45 crore and an arbitration was going for the same. However, Korba West Power has itself triggered the corporate insolvency resolution process (CIRP) under section 10 of the Insolvency and Bankruptcy Code.
