NCLAT Upholds Adani Power’s ₹4,000 Crore Vidarbha Acquisition
The National Company Law Appellate Tribunal (NCLAT) has finalized Adani Power Ltd’s acquisition of Vidarbha Industries Power Ltd (VIPL), confirming the ₹4,000 crore resolution plan. This decision overrides appeals filed by Western Coalfields and an employee of the debt-ridden VIPL, clearing a major regulatory obstacle for India’s largest private thermal power producer.
Legal Objections Dismissed
The appellate tribunal found no merit in the challenges presented, stating they did not demonstrate any violation of the Insolvency & Bankruptcy Code (IBC). Petitioners had argued that Adani Power’s resolution plan was approved beyond the stipulated 180-day period…