The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal filed by Uttar Pradesh Jal Vidyut Nigam Ltd (UPJVNL), bringing closure to a long-standing dispute over its claims in the corporate insolvency resolution process (CIRP) of Essar Power MP Ltd.
A Bench comprising Member Mohammad Faiz and Member Naresh Salecha upheld the Resolution Professional’s (RP) decision to admit UPJVNL’s claim at a notional value of Re 1. The RP had taken this view due to ongoing writ proceedings before the Allahabad High Court concerning the legitimacy of UPJVNL’s demand.
UPJVNL had argued that its invoices were fully supported by documents and should have been admitted in entirety. It contended that the RP had no authority to…