Intelligence note
Admitted 3 Oct 2019 by the Hyderabad bench on a petition by Power Finance Corporation Ltd. (a financial creditor). Plan from JSW Energy Limited approved 13 Feb 2025, 1,960 days after admission (resolved-case median: 630 days). The professional in charge was replaced once.
The plan was implemented on 06 Mar 2025, the Closing Date. On 23 Mar 2026 the Supreme Court rejected CTUIL's appeals on transmission dues. On 06 Jul 2026 the NCLT refused to reopen the plan for Chhattisgarh's power distribution company's extra claim of ₹47.60 Cr.
IBBI's latest list of creditors, as on 26 Dec 2024, shows ₹32,335.96 crore of claims admitted out of ₹39,409.17 crore received. The plan-approval order of 13 Feb 2025 counts ₹26,094.57 crore admitted.
The plan was implemented on 06 Mar 2025, the Closing Date. On 23 Mar 2026 the Supreme Court rejected CTUIL's appeals on transmission dues. On 06 Jul 2026 the NCLT refused to reopen the plan for Chhattisgarh's power distribution company's extra claim of ₹47.60 Cr.
IBBI's latest list of creditors, as on 26 Dec 2024, shows ₹32,335.96 crore of claims admitted out of ₹39,409.17 crore received. The plan-approval order of 13 Feb 2025 counts ₹26,094.57 crore admitted.
Claims at a glance
FC 89%
OC 11%
Total admitted ₹26,106.23 Cr · as on 26 Dec 2024
Case details
CIN
U40300TG2009PLC064062
Incorporated
2009
Registered State
Telangana
NCLT Bench
Hyderabad
Petition
CP(IB) No. 492/7/HDB/2019
Initiated by
FC — Power Finance Corporation Ltd.
Commencement
3 Oct 2019
Outcome Date
13 Feb 2025
Admitted Claims
₹26,106.23 Cr
Liquidation Value
₹6,848.80 Cr
Fair Value
₹9,947.74 Cr
NCLT Hyderabad: median 438 days admission → verdict · 37% of concluded matters ended in plan approval (n=341, full record) · all benches →
Plan at a glance
The deal
₹15,985.08 crores upfront to financial creditors and ₹99.00 crores to operational and other creditors
Winning plan
JSW Energy Limited, with 100% of the CoC vote
Also in the race: Adani Power Limited (plan submitted), Capri Global Holdings Pvt. Ltd. (plan submitted), Coal India Ltd. (plan submitted) and 6 more
Also in the race: Adani Power Limited (plan submitted), Capri Global Holdings Pvt. Ltd. (plan submitted), Coal India Ltd. (plan submitted) and 6 more
Funding
Aggregate Upfront Cash Recovery Amount of ₹16,084.08 crores, from: (a) ₹13,000 crores in the form of debt; and (b) ₹3,084.08 crores in the form of quasi-equity.
Shares
Existing KMPCL equity is cancelled; 26% goes to non-common fund based secured assenting financial creditors, excluding those common to KSK Water and RCRIPL.
Operational creditors
₹99 crores goes upfront to Operational and Other Creditors: Other Creditors first in full, then Workmen & Employees in full, then other Operational Creditors.
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | 23,230.33 | 15,985.08 | 68.8% |
| Operational and other creditors | 2,864.24 | 99.00 | 3.5% |
| All creditors | 26,094.57 | 16,084.08 | 61.6% |
All creditors together: about 62 paise for every ₹1 of admitted claims.
Recent movement
13 Feb 2025
Resolution plan approved
Acquired by JSW Energy Limited
1 Jul 2026
Application on cargo held by Paradip customs allowed, with directions
NCLT order read the order ↗
Valuations & recovery
Fair value
₹9,947.74 Cr
Liquidation value
₹6,848.80 Cr
The plan
Successful applicant
JSW Energy Limited
CoC approval
100% voting share · 56th meeting · voted 10 Jan 2025
How the plan pays
·Upfront cash of ₹16,084.08 Cr (₹13,000.00 Cr debt, ₹3,084.08 Cr quasi-equity): ₹15,985.08 Cr to financial creditors and ₹99.00 Cr to operational creditors including workmen and employees. Equity-receiving creditors get a 26% stake in KMPCL.
EoI / Form-G detail
Case timeline
◆ RP changed during process3 Oct 2019
CIRP commenced
Insolvency proceedings began · NCLT Hyderabad
13 further events in between
9 May 2020
Irp replacement
NCLT order · IA NO 234 OF 2020 IN CP IB NO 492 07 HDB 2019 read the order ↗
24 May 2023
NCLT order
IA NO 9 OF 2022 IN IA NO 31 OF 2020 IN CP IB NO 492 7 HDB 2019 read the order ↗
21 Dec 2023
Dismissed - company appeal (at) (ch) (insolvency) no. 385- 2023
NCLAT appeal read the order ↗
26 Apr 2024
EoI deadline
RP: Sumit Binani
13 Feb 2025
Resolution plan approved
Acquired by JSW Energy Limited
1 Jul 2026
Application on cargo held by Paradip customs allowed, with directions
NCLT order read the order ↗
5 years 4 months elapsed · admission → resolution
Personal guarantor proceedings
Insolvency cases against individuals who guaranteed this company's loans. They run separately from the company's own process; a professional named here acts for the guarantor, not the company.
30 Apr 2024
Admission of application in PG case
Order title on IBBI: S. Kishore · CP(IB) No.442/95/HDB/2020
Professional named in the order: Kalvakolanu Murali Krishna Prasad
read the order ↗
Professional named in the order: Kalvakolanu Murali Krishna Prasad
read the order ↗
Company
Legal name
JSW MAHANADI POWER COMPANY LIMITED
Type
Public · Company limited by shares
Listing
Unlisted
Incorporated
19 Jun 2009
Authorised capital
₹10,000.01 Cr
Paid-up capital
₹6.76 L
Industry (MCA)
Electricity, Gas and Water companies
ROC
ROC Hyderabad
Company status
Active
Registered address
8001, Survey No. 109, Q-City, Nanakramguda, Gachibowli, Hyderab, Seri Lingampally, K.V.Rangareddy, Telangana, 500032, India
Claims filing history
Operational creditors ↓
2 ↓
3 ↓
Other stakeholders ↓
Secured financial creditors ↓
Unsecured financial creditors ↓
| Creditor class | Claimed | Admitted | Admitted % |
|---|---|---|---|
| Secured financial creditors | ₹28,303.46 Cr | ₹28,097.46 Cr | 99% |
| Operational creditors | ₹13.09 Cr | ₹11.66 Cr | 89% |
| Total of listed classes | ₹28,316.55 Cr | ₹28,109.12 Cr | 99% |
Of ₹28,316.55 Cr claimed across these classes, ₹28,109.12 Cr stands admitted — 99 paise per ₹1 claimed made it past verification.
v24 · latest
as on 26 Dec 2024 · filed by Sumit Binani
v23
as on 14 Nov 2024 · filed by Sumit Binani
v22
as on 5 Jul 2024 · filed by Sumit Binani
v21
as on 11 Apr 2024 · filed by Sumit Binani
v20
as on 28 Dec 2023 · filed by Sumit Binani
Show all 24 versions
v19
as on 14 Apr 2023 · filed by Sumit Binani
v18
as on 3 Mar 2023 · filed by Sumit Binani
v17
as on 8 Feb 2023 · filed by Sumit Binani
v16
as on 1 Nov 2022 · filed by Sumit Binani
v15
as on 22 Aug 2022 · filed by Sumit Binani
v14
as on 8 Jul 2022 · filed by Sumit Binani
v13
as on 5 May 2022 · filed by Sumit Binani
v12
as on 10 Mar 2022 · filed by Sumit Binani
v11
as on 1 Feb 2022 · filed by Sumit Binani
v10
as on 18 Dec 2021 · filed by Sumit Binani
v9
as on 19 Oct 2021 · filed by Sumit Binani
v8
as on 19 Oct 2021 · filed by Sumit Binani
v7
as on 2 Sep 2021 · filed by Sumit Binani
v6
as on 28 May 2021 · filed by Sumit Binani
v5
as on 30 Apr 2021 · filed by Sumit Binani
v4
as on 1 Mar 2021 · filed by Sumit Binani
v3
as on 21 Jan 2021 · filed by Sumit Binani
v2
as on 2 Dec 2020 · filed by Sumit Binani
v1
as on 16 Nov 2020 · filed by Sumit Binani
Claims profile
Admitted claims by creditor class
FC 89%
OC 11%
CLASS
ADMITTED
Financial creditors
₹23,230.33 Cr
Operational creditors
₹2,875.90 Cr
Total
₹26,106.23 Cr
Committee of creditors
As recorded in the plan-approval order of 13 Feb 2025
| Creditor | Class | Voting share | Vote | Admitted |
|---|---|---|---|---|
| Aditya Birla ARC Limited | Financial creditor | 32.67% | for | |
| Prudent ARC Limited | Financial creditor | 16.02% | for | |
| Power Finance Corporation Limited | Financial creditor | 14.84% | for | |
| Rural Electrification Corporation | Financial creditor | 11.81% | for | |
| UCO Bank | Financial creditor | 3.60% | for | |
| Bank of India | Financial creditor | 3.58% | for | |
| IDBI Bank Ltd. | Financial creditor | 2.88% | for | |
| Phoenix ARC Private Limited | Financial creditor | 2.85% | for | |
| India Infrastructure Finance Company (UK) Limited | Financial creditor | 2.54% | for | |
| RARE Asset Reconstruction Limited | Financial creditor | 2.06% | for | |
| Canara Bank | Financial creditor | 1.89% | for | |
| Punjab National Bank | Financial creditor | 1.13% | for | |
| State Bank of India | Financial creditor | 1.10% | for | |
| Asset Reconstruction Company (India) Limited (ARCIL) | Financial creditor | 0.94% | for | |
| Union Bank of India | Financial creditor | 0.85% | for | |
| ASREC (India) Ltd. | Financial creditor | 0.51% | for | |
| Housing and Urban Development Corporation Ltd. | Financial creditor | 0.50% | for | |
| Axis Bank Limited | Financial creditor | 0.12% | for | |
| Bank of Baroda | Financial creditor | 0.10% | for |
The CoC comprises 19 Financial Creditor members and no Operational Creditors; voting shares changed after the interim surplus/idle-fund distribution.
Dissenting creditors: There are no Dissenting Financial Creditors.
Sources, basis and disclaimers → ·
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This case vs Power & Energy
Time to resolution1,960 days
typical for this sector 699 days
Size rank in sector#2 of 61
Key parties
Resolution Professional
21 IBBI mandates · 5 of 6 resolved plans beat the liquidation floor
IRP at commencement · replaced
Mahender Kumar Khandelwal → · Oct 2019
Per IBBI's register of insolvency professionals, read 5 Oct 2026
◆ RP changed during CIRP — IRP was replaced
CIRP initiated by
Power Finance Corporation Ltd. FC
Resolution applicant
JSW Energy Limited
About the applicant
JSW Energy Limited: an Indian power generator with 7,536 MW operating across thermal, hydro, solar and wind; it earlier acquired Ind Barath Energy (Utkal) Limited and the 1391 MW hydro assets of the Jaypee group under the Code.
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