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Informist, Wednesday, Mar. 18, 2026

 

NEW DELHI – The Supreme Court has rejected Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd.'s claims of INR 172.59 million in Adani Power Ltd.'s approved resolution plan for debt-ridden Essar Power M.P. Ltd. The top court said that it did find any error in the order passed by the National Company Law Tribunal in 2021 as affirmed by the National Company Law Appellate Tribunal in December. "Therefore, no question of law arises for our consideration. Consequently, the appeal is dismissed", said the bench of Justice Manoj Misra and Justice Manmohan.

 

Uttar Pradesh Rajya Vidyut Utpadan Nigam, a hydro-electric generating company established by the government of Uttar Pradesh, had entered into a binding agreement with Essar Power M.P. for the supply of water from upstream of Rihand reservoir to the debt-ridden company's thermal power plant in Singrauli district, Madhya Pradesh. Uttar Pradesh Rajya Vidyut Utpadan Nigam had raised invoices from time to time against Essar Power M.P. Even after Essar Power M.P's insolvency, monthly invoices continued because of water withdrawal.

 

In 2020, the National Company Law Tribunal had admitted a petition by ICICI Bank to start insolvency proceedings against Essar Power M.P. Thereafter, Uttar Pradesh Rajya Vidyut Utpadan Nigam submitted its claims with the resolution professional of Essar Power M.P. However, the resolution professional admitted the claim of U.P. Rajya Vidyut at a nominal value of INR 1.

 

Thereafter, the tribunal approved Adani Power's resolution plan for debt-ridden company, which provided a nil payment to all the operational creditors, including Uttar Pradesh Rajya Vidyut Utpadan Nigam. Challenging the treatment of its claims, Uttar Pradesh Rajya Vidyut Utpadan Nigam moved the appellate tribunal, which also rejected its petition.

 

Wednesday, the shares of Adani Power Ltd. ended 1.0% lower at INR 154.07 on the National Stock Exchange.  End

 

Reported by Surya Tripathi

Edited by Deepshikha Bhardwaj

 

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