Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, RattanIndia Power has informed that the petition filed by REC, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Company, has been dismissed by the Hon’ble National Company Law Tribunal, New Delhi Branch (Court – II). The said petition was filed by REC in its capacity as a holder of Redeemable Preference Shares (RPS) of the Company. The Hon’ble NCLT has dismissed the petition on the ground that RPS does not constitute a ‘financial debt’ under the Insolvency and Bankruptcy Code, 2016, and hence REC does not qualify as a ‘financial creditor’ eligible to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7. The company is enclosing the details, for the above as prescribed under SEBI Listing Regulations read with SEBI circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024 as an Annexure A.
The above information is a part of company’s filings submitted to BSE.
