'Undischarged Insolvent' under the 29A? NCLT not the right forum to determine

Bar & Bench June 6 2019

While approving the resolution plan submitted by Tata Steel for Bhushan Energy, the National Company Law Tribunal (NCLT) made observations with respect to the term 'undisputed insolvent' under Section 29A of the Insolvency and Bankruptcy Code (IBC).

The Resolution Professional for Bhushan Energy filed the resolution plan submitted by H1 bidder, Tata Steel for NCLT's approval. This plan was vehemently opposed by Naveen Singhal, the ex-promoter of Bhushan Energy. He argued that the termination of Power Purchase Agreements (PPAs) between Bhushan . . .

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