The Firm advised and represented the committee of creditors (“CoC”) of Vidarbha Industries Power Limited (“Corporate Debtor”) during the corporate insolvency resolution process (“CIRP”) of the Corporate Debtor under the provisions of the Insolvency and Bankruptcy Code, 2016, as amended (“Code”). The CoC comprised of CFM Asset Reconstruction Private Limited and Pallas Holdings Limited.
The CIRP was initiated against the Corporate Debtor vide order dated September 30, 2024, passed by the Hon’ble National Company Law Tribunal, Mumbai Bench (“NCLT”). After extensive negotiations, the resolution plan submitted by Adani Power Limited (“Resolution Applicant” and such plan is referred to as “Resolution Plan”) was approved by the CoC (by 100% voting share) on February 21, 2025, and the Resolution Applicant was issued a letter of intent from the resolution professional on February 24, 2025. Further, the Resolution Plan was approved by the NCLT vide order dated June 18, 2025.
The Resolution Plan was successfully implemented on July 7, 2025. Upon such implementation the Resolution Applicant has acquired 100% shareholding in the Corporate Debtor.
The Firm advised and represented the CoC during the entire resolution process of the Corporate Debtor, including reviewing the challenge process document, review of resolution plans received during the CIRP, negotiations with the prospective resolution applicants and implementation of the Resolution Plan.
The transaction team was led by Madhav Kanoria, Partner; and Surbhi Pareek, Partner; with assistance from Parnika Jain, Associate and Ayushee Singh, Associate. The team also represented the CoC in relation to the proceedings before the National Company Law Tribunal.
Srideepa Bhattacharya, Partner with assistance from Neha Shivhare, Principal Associate; represented CFM Asset Reconstruction Private Limited before Debt Recovery Tribunal.
