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JSW Energy terminates resolution plan to acquire Ind-Barath Energy

Sajjan Jindal-led JSW Power on Tuesday introduced that it has junked its plan to amass Ind-Barath Power (Utkal) Ltd being pursued by the Nationwide Firm Legislation Tribunal (NCLT) route.

Ind-Barath Power is establishing a 700 MW thermal energy challenge in Odisha.

JSW Power has served a discover to terminate the decision plan to amass Ind-Barath Power with instant impact, a regulatory submitting said.

JSW Power had submitted a Decision Plan to the Committee of Collectors (‘CoC’) for the Company Insolvency Decision of Ind-Barath Power (Utkal) Restricted (‘Company Debtor’) on third October 2019.

The Decision Plan was accepted by the CoC on 14th October, 2019 and the Decision Skilled (‘RP’) filed an utility to the Nationwide Firm Legislation Tribunal for approval of the identical.

“Within the intervening interval of greater than 15 months for the reason that submission of the Decision Plan, a Materials Opposed Change (MAC) occasion, as outlined below the Decision Plan has occurred.

“A MAC occasion entitles the Firm to terminate the Decision Plan. The Firm has accordingly served a discover of MAC to the RP and the CoC at the moment and terminated the Decision Plan with instant impact,” a BSE submitting stated.

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