NCLAT turns down Jindal’s plea on bid for Tuticorin

New Delhi: The insolvency appellate tribunal NCLAT has dismissed the plea of Jindal Power to allow the company to participate in the ongoing resolution process of debt-ridden Tuticorin Coal Terminal.

A two-member bench of the National Company Law Appellate Tribunal (NCLAT) upheld the earlier order passed by the Mumbai Bench of NCLT, which said that under CIRP Regulations, Jindal Power Ltd (JPL) was ineligible to submit a Resolution Plan for Tuticorin Coal Terminal.