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Adani Power Acquisition Victory: NCLAT Backs Rs 4000 Cr Deal
21 Jan
Summary
- NCLAT upheld Adani Power's Rs 4,000 crore acquisition of Vidarbha Industries Power.
- Appeals by Western Coalfields and an employee were dismissed by the tribunal.
- The resolution plan was found to comply with all statutory requirements.
The National Company Law Appellate Tribunal (NCLAT) has upheld Adani Power's acquisition of Vidarbha Industries Power for Rs 4,000 crore. This decision, issued on January 16, dismissed appeals from Western Coalfields and an employee of the target company.
The appellate tribunal affirmed the Mumbai bench of the National Company Law Tribunal's (NCLT) prior approval. The NCLAT found the objections raised by the petitioners to be without substance and failed to demonstrate any breach of the Insolvency and Bankruptcy Code.
In its judgment, the NCLAT stated that Adani Power's resolution plan met all statutory requirements. The Committee of Creditors was found to have exercised its commercial discretion fairly and lawfully, leaving no grounds for interference with the NCLT's decision.
