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SC admits Bhushan Energy plea seeking setting aside of part of Tata Steel resolution plan-2019 China(Guangzhou) Int’l Laser Equipment and Sheet Metal Industry Exhibition
9/5/2018 钣金展-Laser Equipment, Sheet Metal Industry expo |
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The Telegraph reported that the Supreme Court on Tuesday admitted an appeal by Bhushan Energy (BEL), which is under insolvency resolution process, seeking setting aside of a part of Tata Steel’s resolution plan for its subsidiary Bhushan Steel (BSL) that terminated the power purchase agreements between the two companies. A bench led by Justice Ranjan Gogoi sought response from Tata Steel, SBI, Bhushan Steel, BEL Resolution Professional Navneet Kumar Gupta and others after BEL alleged that Tata Steel’s Resolution Plan envisages termination of the PPAs and certain related third party contracts as these being onerous transactions. It said that the termination of onerous transactions is not a ground for annulment of a transaction under the IBC.
BEL stated in its appeal “The Resolution Plan envisages termination of the PPAs, certain related third party contracts, despite the fact that there is no adjudication or finding that the PPAs qualify as either ‘preferential transactions’ (Section 43) or ‘undervalued transactions’ (Section 45) or ‘transactions defrauding creditors’ (Section 49) or ‘extortionate credit transactions’ (Section 50), the only provisions in the IBC which permit avoidance and annulment of transactions.”
BEL, which owns a 485 MW captive coal-based thermal power project set up within the premises of its subsidiary Bhushan Steel’s integrated steel plant at Meramandali, Dhenkanal district of Odisha, solely supplies electricity to the latter. The two sister concerns had entered into two power purchase agreements for supply of power till 2024.
钣金展-激光设备展-2019年广州国际激光设备及钣金工业展
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