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Informist, Wednesday, Jan. 1, 2025

 

NEW DELHI – The Delhi bench of the National Company Law Tribunal has approved a resolution plan submitted by a partnership firm, Sunrise Industries, for debt-ridden Taxus Infrastructure & Power Projects Pvt. Ltd. "In the backdrop of aforementioned factual position, discussion, analysis and findings, the IA-45/2024 (application seeking approval of resolution plan) is allowed," said the tribunal.

 

In 2022, the tribunal had admitted a petition by Indian Renewable Energy Development Agency Ltd. to start insolvency proceedings against Taxus Infrastructure. While IREDA had claimed INR 698.37 million as a secured financial creditor, Waaree Energies Ltd. had claimed INR 214.54 million from Taxus Infrastructure as an unsecured financial creditor.

 

In the plan, the secured financial creditor IREDA was offered INR 210 million against its admitted claim of INR 698.37 million. The unsecured financial creditor, Waaree Energies, was offered INR 2.1 million against its admitted claim of INR 214.45 million. Further, the total resolution plan amount was INR 246.02 million.

 

At 1357 IST, shares of IREDA were up 4.7% at INR 225.25 on the National Stock Exchange, while those of Waaree Energies were up 0.8% at INR 2,878.40.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Tanima Banerjee

 

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