Firm Matters

Khaitan & Co advised the committee of creditors (“COC”) of Bhadreshwar Vidyut Pvt Ltd (“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”). We subsequently advised the lenders’ representative, REC Limited, in the Implementation and Monitoring Committee (“IMC”) of the Company during the implementation of the approved resolution plan submitted by Jindal Power Ltd (“SRA”). 

The Company operates and develops power generation assets in India and currently has 414MW in operation principally under the Group Captive Model and 62MW of solar assets. 

The resolution plan submitted by the SRA was negotiated and thereafter approved by 100% vote of the COC. The resolution plan settles the claims of all stakeholders of the Company at INR 464.58 crores (Indian Rupees Four Hundred Sixty Four Crores Fifty Eight Lakhs) along with an additional estimated CIRP cost of INR 10 crores payable at actuals over and above the INR 20 crores CIRP Cost. The resolution plan was approved by the Adjudicating Authority vide order dated 18 September 2025 and thereafter successfully implemented.

The resolution of the Company was extremely challenging with the resolution plan approval taking approximately one year on account of litigation initiated by the SRA challenging the third round of Swiss challenge process proposed to be conducted by the COC in its exercise of its commercial wisdom for value maximisation. The Firm advised the COC on all aspects of resolution plan assessment, three rounds of Swiss challenge process and plan approval while also representing the COC on litigation(s) challenging the Swiss challenge process /plan approval. We also oversaw the implementation of the resolution plan including advising on the process for implementation, attending meeting of monitoring committee etc.