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Judgment/OrdersMotor Accident Claims - Social Status Of Deceased To Be Considered If There's No Definite Proof Of Income: Supreme CourtCase title: Kubrabibi v. Oriental InsuranceCitation: 2023 LiveLaw...
The development comes after counsel for the resolution professional of SKS filed an application for the approval of the resolution plan submitted by Nagpur-based Sarda Energy, the successful resolution applicant.
The National Company Law Tribunal has instructed the lenders of SKS Power Generation to reconsider the resolution plan submitted by Sarda Energy & Minerals. The plan, which offered Rs 1800 crore, had been approved by the Committee of Creditors. However, two other bidders, Torrent Power and Vantage Point Asset Management, have alleged bias in the evaluation process and are seeking a fresh opportunity to offer a higher value. SKS Power Generation owns two operational power plants with a total capacity of 600 MW.
Space Mantra was the single bidder for FRL. According to some media reports, Space Mantra had offered around Rs 550 crore, which was very close to liquidation value. It was just 2.8 per cent of FRL's outstanding dues of Rs 19,773 crore to its financial creditors.
The Resolution Plan submitted by Space Mantra for Future Retail Ltd (FRL), failed to get the required number of votes in the e-voting process of the Committee of creditors (CoC).