Cma Vijender Sharma vs Committee Of Creditors Of

IN THE MATTER OF: CMA Vijender Sharma, ...Appellants for VRSA Insolvency Professionals LLP Versus Committee of Creditors of ...Respondents Shree Maheshwar Hydel Power Corporation Ltd. comprising of Power Finance Corporation & Ors.

Present: For Appellant : Mr. Saurabh Kalia, Mr. Gajanand Kerodiwal and Mr. Shivam Rajpal, Advocates along with Mr. Vijender Sharma-RP. For Respondents : Mr. Deepak Khurana, Advocate for CoC.

ORDER

(Hybrid Mode)

19.09.2025: Heard counsel for the Appellant as well as Ld. Counsel for

the CoC.

2. This appeal has been filed by the Resolution Professional of Shree

Maheshwar Hydel Power Corporation Limited which is in CIRP. Challenging

the order dated 11.07.2025 by which order Adjudicating Authority has

rejected IA No. 201(MP)/2025 filed by the appellant for extension of CIRP for

180 days. Shree Maheshwar Hydel Power Corporation Limited, the corporate

debtor has been establishing (10x40 MW) hydroelectric power project. CIRP

against the corporate debtor commenced from 07.09.2022, in the CIRP

process Form-G was issued and it is case of the appellant that 17 Prospective

Resolution Applicants submitted their Expressions of Interest (EOIs).

Cont'd.../-

3. It is submitted that State of Madhya Pradesh has also shown interest

and decided to authorise MPPGCL to submit expression of interest. The State

Government with intent to revive the projects has held several meetings in the

Energy Department where which meetings were headed by Chief Secretary/

Additional Chief Secretary of the State. The CIRP was last extended by the

Adjudicating Authority to 16.05.2025, although 17 PRAs have submitted their

expression of interest but there are no Rehabilitation and Resettlement Report

with respect to those who were likely to be displaced by in the area where

Hydra Power Project was to come up, no PRA could submit its final resolution

plan. It is submitted that the RR Report was received only in April/ May,

2025 and after that the CoC held its meeting on 02.05.2025 and on which

date a decision was taken by CoC to seek extension of 180 days in the CIRP

so that the RR Report be communicated to the PRAs so that resolution plan

be submitted.

4. Ld. Counsel for the appellant has also referred to the meeting held

under the Chairmanship of Additional Chief Secretary on 24.03.2025 where

State Government has decided to apprise MPPGCL to submit expression of

interest. The CIRP stood extended till 16.05.2025 which is the matter of

record. Adjudicating Authority did not accept the prayers made by the

appellant to extend the CIRP for 180 days, no exception can be taken to the

order of the Adjudicating Authority where extension of 180 days had been

denied, in facts and circumstances of the present case.

5. The present is a case where the corporate debtor was commissioning a

Hydro Electric Project where in the process 17 PRAs has already come and 2 of 3 Company Appeal (AT) (Ins) No. 1402 of 2025 the final plan could not come due to lack of the RR Report which is eventually

submitted by the administration of the State in April/ May 2025, to

rehabilitate those who are to be evacuated from the Hydral Project area.

6. The present was a case which has exceptional facts and circumstances

and the State of Madhya Pradesh have itself shown its interest in submitting

an expression of Interest and the revival of the Hydral Project being an

interest of all, we are of the view that although the prayer of the appellant to

extend the CIRP of 180 days cannot be allowed and has been rejected by

Adjudicating Authority, we are of the view that extension for the period of 90

days need to be allowed as a last opportunity to complete the process which

extension is allowed with effect from today.

Appeal is disposed of accordingly.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical) harleen/NN

3 of 3 Company Appeal (AT) (Ins) No. 1402 of 2025