The National Company Law Tribunal, Hyderabad Bench (“NCLT”) by its order dated October 10th 2022, (“Admission Order”) (order received on October 18th 2022) ordered the commencement of corporate insolvency resolution process (“CIRP”) in respect of GVK Power Goindwal Sahib Limited (“GVKPGSL” or “Company”) under the provisions of the Insolvency and Bankruptcy Code, 2016 and subsequent amendments thereof (“IBC” or “Code”). Pursuant to the admission order (enclosed for your reference), Mr. Ravi Sethia has been appointed as the Interim Resolution Professional (“IRP”). Subsequently, the Committee of Creditors (CoC) of GVKPGSL in its first meeting in Nov 2022 confirmed the IRP’s appointment as the Resolution Professional (RP) of GVKPGSL
The powers of the Board of Directors of GVKPGSL are suspended and such powers are vested with the RP. The RP is henceforth responsible for the management of the affairs of GVKPGSL.
The objective of CIRP is to attempt to resolve the ongoing financial stress and the RP continues to manage the operations of GVKPGSL as a going concern. It shall be the endeavor of the RP to ensure that GVKPGSL operates in the best interest of all the creditors.