The National Company Law Appellate Tribunal (NCLAT) has given relief to JSW Energy in the Raigad Champa Rail Infra case. The NCLAT has rejected the order of the National Company Law Tribunal (NCLT), which refused to allow the lenders to the lending to the Raigad Champa Rail Infrastructure. This development is good news for JSW Energy because it sought permission to participate in the insolvency process of Raigad Champa Rail Infrastructure Private Limited (RCRPL). Raigad Champa Rail Infra is a subsidiary of KSK Mahanadi.
RCRPL is a special purpose vehicle. Its objective is to develop railway line and related infrastructure from the coal field of Mand Raigad to the power stations of Janjgir Champa. CIRP (Corporate Insolvency Resolution Process) against RCRIPL started on 1 January 2021. Earlier on 3 April 2025, NCLT’s Hyderabad bench refused to allow the resolution professional and creditor committee to invite the new potential buyers to EOI.
Thermal power plant KSK has purchased Mahanadi Power JSW Energy
JSW Energy had bought KSK Mahanadi Power of 3,600 MW KSK Mahanadi Power for Rs 16,084 crore in Chhattisgarh in March this year for Rs 16,084 crore. In the case of RCRPL, the Chennai bench of NCLAT said that it does not see any deficiency in the decision to invite new potential buyers by the Committee of Lenders (COC) to invite the new potential buyers (EOI). The bench believes that this will increase competition and there is every possibility that there will be more dialects. 5 companies were involved in the race to buy RCRIPL- Adani Power, Jindal Power, Medha Saro Drives, Sherisha Technologies and Vedanta.
Cognizant received for less than ₹ 1, land in Visakhapatnam, has invested ₹ 1582 crore preparation
EOI will not be discriminated against again
It has been said in the judgment that EOI is proposed to reopen not only for JSW but for everyone. So doing so will not be a discrimination. Apart from this, during the hearing on the bid presented by the Medha Group, the tribunal said that if it is proposed as a reserve price, then if the EOI process is resumed, there will be no decline in the value of Champa Rail Infra. The bid of the Medha Group is the highest and has already been approved by the RCRPL creditors with 100% votes.
