{"id":354868,"date":"2025-07-29T14:30:39","date_gmt":"2025-07-29T09:00:39","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=354868"},"modified":"2025-07-29T14:31:05","modified_gmt":"2025-07-29T09:01:05","slug":"cam-advises-coc-vidarbha-industries-power-cirp-ibc","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/07\/29\/cam-advises-coc-vidarbha-industries-power-cirp-ibc\/","title":{"rendered":"CAM advises and represents CoC of Vidarbha Industries Power during CIRP under IBC"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">The Firm advised and represented the committee of creditors (\u201c<span style=\"font-weight: bold;\">CoC<\/span>\u201d) of Vidarbha Industries Power Limited (\u201c<span style=\"font-weight: bold;\">Corporate Debtor<\/span>\u201d) during the corporate insolvency resolution process (\u201c<span style=\"font-weight: bold;\">CIRP<\/span>\u201d) of the Corporate Debtor under the provisions of the Insolvency and Bankruptcy Code, 2016, as amended (\u201c<span style=\"font-weight: bold;\">Code<\/span>\u201d). The CoC comprised of CFM Asset Reconstruction Private Limited and Pallas Holdings Limited.<\/p>\n<p style=\"margin-bottom: 3%;\">The CIRP was initiated against the Corporate Debtor vide order dated September 30, 2024, passed by the Hon\u2019ble National Company Law Tribunal, Mumbai Bench (\u201c<span style=\"font-weight: bold;\">NCLT<\/span>\u201d). After extensive negotiations, the resolution plan submitted by Adani Power Limited (\u201c<span style=\"font-weight: bold;\">Resolution Applicant<\/span>\u201d and such plan is referred to as \u201c<span style=\"font-weight: bold;\">Resolution Plan<\/span>\u201d) 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.<\/p>\n<p style=\"margin-bottom: 3%;\">The Resolution Plan was successfully implemented on July 7, 2025. Upon such implementation the Resolution Applicant has acquired 100% shareholding in the Corporate Debtor.<\/p>\n<p style=\"margin-bottom: 3%;\">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.<\/p>\n<p style=\"margin-bottom: 3%;\">The transaction team was led by <span style=\"font-weight: bold;\">Madhav Kanoria<\/span>, <span style=\"font-style: italic;\">Partner;<\/span> and <span style=\"font-weight: bold;\">Surbhi Pareek<\/span>, <span style=\"font-style: italic;\">Partner;<\/span> with assistance from <span style=\"font-weight: bold;\">Parnika Jain<\/span>, <span style=\"font-style: italic;\">Associate<\/span> and <span style=\"font-weight: bold;\">Ayushee Singh<\/span><span style=\"font-style: italic;\">, Associate.<\/span> The team also represented the CoC in relation to the proceedings before the National Company Law Tribunal.<\/p>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Srideepa Bhattacharya<\/span>, <span style=\"font-style: italic;\">Partner<\/span> with assistance from <span style=\"font-weight: bold;\">Neha Shivhare<\/span>, <span style=\"font-style: italic;\">Principal Associate; <\/span>represented CFM Asset Reconstruction Private Limited before Debt Recovery Tribunal.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">The CIRP was initiated against the Corporate Debtor vide order dated September 30, 2024, passed by the Hon&#8217;ble National Company Law Tribunal, Mumbai Bench.<\/p>\n","protected":false},"author":67011,"featured_media":354876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[68835,43781,40639,30596,30361,6121,86191],"class_list":["post-354868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news","tag-cam","tag-cirp","tag-coc","tag-corporate-debtor","tag-ibc","tag-insolvency","tag-vidarbha-industries-power"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CAM Advises CoC of Vidarbha Industries Power During CIRP Under IBC | SCC Times<\/title>\n<meta name=\"description\" content=\"CAM advised and represented the Committee of Creditors of Vidarbha Industries Power during its corporate insolvency resolution 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Upholding the NCLT's order, the Tribunal held that when the CoC's decision for liquidation is in accordance with IBC, then only NCLT's obligation to direct liquidation will arise.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":252188,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/03\/malice-intention\/","url_meta":{"origin":354868,"position":5},"title":"NCLT | Malice Intention to start something \u2018other than insolvency\u2019 nipped- Releases the Corporate Debtor from \u2018rigors of CIRP and moratorium\u2019","author":"Editor","date":"August 3, 2021","format":false,"excerpt":"National Company Law Tribunal (NCLT): The Coram of Justice Abni Ranjan Kumar Sinha,(Judicial Member), and L.N. Gupta, (Technical Member) while exercising their jurisdiction, terminated the CIR process of the Corporate Debtor with immediate effect. In the instant case, Om Logistics Ltd., Operational Creditor, had filed an application for initiation of\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/354868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=354868"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/354868\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/354876"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=354868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=354868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=354868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}