JSW Energy Ltd - 533148 - Announcement under Regulation 30 (LODR)-Updates on Acquisition
We wish to inform you that the Company had submitted a Resolution Plan to the Committee of Creditors ('CoC') for the Corporate Insolvency Resolution of Ind-Barath Energy (Utkal) Limited (''Corporate Debtor') on 3rd October, 2019. As informed vide letter dated 14th October, 2019, the Resolution Plan was approved by the CoC on 14th October, 2019 and the Resolution Professional ('RP') filed an application to the National Company Law Tribunal for approval of the same. In the intervening period of more than 15 months since the submission of the Resolution Plan, a Material Adverse Change (MAC) event, as defined under the Resolution Plan has occurred. A MAC event entitles the Company to terminate the Resolution Plan. The Company has accordingly served a notice of MAC to the RP and the CoC today and terminated the Resolution Plan with immediate effect. The above is for your information and record.02-02-2021