Sajjan Jindal-led JSW Energy on Tuesday announced that it has junked its plan to acquire Ind-Barath Energy (Utkal) Ltd being pursued through the National Company Law Tribunal (NCLT) route.
Ind-Barath Energy is setting up a 700 MW thermal power project in Odisha.
JSW Energy has served a notice to terminate the resolution plan to acquire Ind-Barath Energy with immediate effect, a regulatory filing stated.
JSW Energy had submitted a Resolution Plan to the Committee of Creditors (‘CoC’) for the Corporate Insolvency Resolution of Ind-Barath Energy (Utkal) Limited (‘Corporate Debtor’) on 3rd October 2019.
The Resolution Plan was approved by the CoC on 14th October, 2019 and the Resolution Professional (‘RP’) filed an application to the National Company Law Tribunal for approval of the same.
“In the intervening period of more than 15 months since the submission of the Resolution Plan, a Material Adverse Change (MAC) event, as defined under the Resolution Plan has occurred.
“A MAC event entitles the Company to terminate the Resolution Plan. The Company has accordingly served a notice of MAC to the RP and the CoC today and terminated the Resolution Plan with immediate effect,” a BSE filing said.