JSW Energy seeks NCLT approval for scheme of arrangement with GE Power India Limited
JSW Energy Limited has filed a scheme of arrangement under Sections 230–232 of the Companies Act 2013 to absorb GE Power India Limited in a demerger structure. The NCLT has ordered separate meetings of equity shareholders and unsecured creditors of both entities to vote on the proposal. The dual-meeting requirement under Section 230 indicates GE Power India carried material unsecured debt or creditor liabilities that must receive independent scrutiny and approval. Once both constituencies approve, JSW Energy must seek final NCLT sanction under Section 232 and file the approved scheme with the Registrar of Companies to become effective.
Why it mattersDemerger schemes triggering both shareholder and creditor meetings under Section 230 require careful sequencing of approval mechanics; creditor objections can gate the transaction even where shareholders consent, making creditor communication and claims reconciliation critical prerequisites to NCLT sanction.
Counsel—
SectorEnergy & Renewables
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