Khaitan & Co Represent The Committee Of Creditors Of Bhadreshwar Vidyut Private Limited during Its Corporate Insolvency Resolution Process
Khaitan & Co represent the Committee of Creditors of Bhadreshwar Vidyut Private Limited during its corporate insolvency resolution process
The leading law firm in India, Khaitan & Co advised the Committee of Creditors (“COC”) of Bhadreshwar Vidyut Private Limited (“BVPL” or “Company”) during the corporate insolvency resolution process (“CIRP”) of the Company, which commenced on 27 January 2020 pursuant to the order passed by the Hon’ble National Company Law Tribunal, Chennai Bench (“Adjudicating Authority”). The firm subsequently advised the lenders’ representative, REC Limited, in the Implementation and Monitoring Committee (“IMC”) during the implementation of the approved resolution plan submitted by Jindal Power Limited (“SRA”).
BVPL operates and develops power generation assets in India, with 414 MW in operation principally under the Group Captive Model and 62 MW of solar assets.
The resolution plan submitted by the SRA was negotiated and approved by 100% of the COC. The plan settles claims of all stakeholders of the Company at INR 464.58 crores, along with an additional estimated CIRP cost of INR 10 crores payable at actuals over and above the INR 20 crores CIRP cost. The Adjudicating Authority approved the resolution plan via order dated 18 September 2025, which was successfully implemented thereafter.
The resolution process was highly complex, with approval taking approximately one year due to litigation initiated by the SRA challenging the third round of the Swiss challenge process proposed by the COC. Khaitan & Co advised the COC on all aspects of resolution plan assessment, three rounds of the Swiss challenge process, and plan approval, while also representing the COC in litigation challenging the Swiss challenge process and plan approval. The firm additionally oversaw implementation of the resolution plan, including advising on the process and attending meetings of the monitoring committee.
The Khaitan & Co team was led by Dr. Siddharth Srivastava (Partner, Restructuring & Insolvency/ Banking & Finance), Mohit Kishore (Partner, Restructuring & Insolvency/ Banking & Finance), and Arva Merchant (Partner, Litigation), with support from Avni Shrivastav (Principal Associate), Aditya Mukerjee (Senior Associate), and Shikha Mohini (Associate).
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