Cyril Amarchand Mangaldas Advised and Represented the Committee of Creditors of Vidarbha Industries Power Limited
The leading Indian law firm Cyril Amarchand Mangaldas advised and represented the committee of creditors (CoC) of Vidarbha Industries Power Limited (Corporate Debtor) during the corporate insolvency resolution process (CIRP) under the provisions of the Insolvency and Bankruptcy Code, 2016. The CoC comprised of CFM Asset Reconstruction Private Limited and Pallas Holdings Limited.
The CIRP was initiated against the Corporate Debtor by an order dated September 30, 2024, passed by the Hon’ble National Company Law Tribunal, Mumbai Bench (NCLT). Following extensive negotiations, the resolution plan submitted by Adani Power Limited (Resolution Applicant) was approved by the CoC (by 100% voting share) on February 21, 2025, and a letter of intent was issued to the Resolution Applicant on February 24, 2025. Subsequently, the Resolution Plan was approved by the NCLT on June 18, 2025, and was successfully implemented on July 7, 2025, resulting in the Resolution Applicant acquiring 100% shareholding in the Corporate Debtor.
The Firm advised and represented the CoC throughout the resolution process, including reviewing the challenge process document, resolution plans received during the CIRP, negotiations with prospective resolution applicants, and implementation of the Resolution Plan.
The Cyril Amarchand Mangaldas team was led by Madhav Kanoria (Partner) and Surbhi Pareek (Partner), with assistance from Parnika Jain (Associate) and Ayushee Singh (Associate). The team also represented the CoC in proceedings before the National Company Law Tribunal.
Srideepa Bhattacharya (Partner), with assistance from Neha Shivhare (Principal Associate), represented CFM Asset Reconstruction Private Limited before the Debt Recovery Tribunal.
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