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NCLAT rejects Jindal Power plea to allow its bid for Tuticorin Coal Terminal

The NCLT allowed it to participate and submit the Resolution Plan to maximise its value. However, it said this opportunity shall be subject to compliance with the provisions contained in CIRP regulations. However, as there was a contradiction in the NCLT order on the one hand, it allowed submission of the resolution plan by JPL for maximisation, but on the other hand, it sought compliance with the CIRP Regulations, and the RP requested clarification from the tribunal. ....

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Tuticorin Coal Terminal: NCLAT dismisses plea by Jindal Power

Jindal Power wanted to be considered as an applicant for the acquisition of insolvent Tuticorin Coal Terminal Pvt Ltd. The NCLT had allowed Jindal Power to participate in resolution process only if its name appeared in final list of Prospective Resolution Applicants (PRA) prepared by the Committee of Creditors (CoC). ....

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Tuticorin Coal Terminal: Jindal Power moves NCLAT to be considered

​​Challenging an order of the National Company Law Tribunal s Mumbai bench, which had held the company ineligible for participation in the resolution process, Jindal Power argued that another company, Seapol, was allowed to file a resolution plan despite its name not appearing in the final list of prospective resolution applicant prepared by the committee of creditors. ....

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