India's Supreme Court upholds Sarda Energy's Rs 1,950 crore resolution plan for SKS Power
Change
India's Supreme Court dismissed appeals by Torrent Power, Jindal Power and Vantage Point Asset Management and upheld Sarda Energy's Rs 1,950 crore resolution plan for SKS Power, noting the plan had been approved by the National Company Law Tribunal and National Company Law Appellate Tribunal and implemented.
Why it matters
The ruling limits courts from substituting their judgment for the commercial assessments made by the committee of creditors, narrowing grounds for post-approval judicial interference. That increases the finality of CoC-approved insolvency outcomes and makes overturning implemented resolution plans more difficult.
Implications
- • Committees of creditors in insolvency cases should proceed to implement approved resolution plans with reduced expectation of successful Supreme Court reversal.
- • Legal teams for unsuccessful resolution applicants such as Torrent Power, Jindal Power, and Vantage Point Asset Management must prioritise objections and challenges at the National Company Law Tribunal and National Company Law Appellate Tribunal stages rather than rely on Supreme Court intervention.
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Topics
Governance Policy & Regulation Court Rulings Regulatory Actions Grid & Utilities Energy Transition Banking Regulation