Mumbai, April 21 (SocialNews.XYZ) JSW Energy Limited on Tuesday said its subsidiary, JSW Mahanadi Power Company Limited, has received a demand notice of Rs 1,447.34 crore from the Water Resources Division in Janjgir, Chhattisgarh, towards water charges, most of which relate to the period before the approval of its resolution plan under the Insolvency and Bankruptcy Code, 2016.
The company stated that the National Company Law Tribunal (NCLT), Hyderabad, had approved the resolution plan on February 13, 2025, and ruled that all crystallised and unclaimed liabilities of the subsidiary as of that date stand extinguished.
It also held that no creditor is entitled to claim any amount beyond what has been provided for in the resolution plan.
“JSW Mahanadi Power Company Limited, a subsidiary of JSW Energy Limited, has received a demand from the Water Resources Division, Janjgir, Chhattisgarh, seeking Rs 1,447.34 crores towards water charges,” it said in its stock exchange filing.
Following the implementation of the plan, the company said JSW Mahanadi Power has been regularly paying its water charges.
“Post implementation of the resolution plan, JMPCL is regularly paying water charges,” the firm said.
Citing judicial precedents under the IBC and the NCLT order, JSW Energy said it believes the current demand is not payable and has challenged it before the High Court of Chhattisgarh.
“The company believes, based on judicial precedents under the IBC and the Plan Approval Order, that the aforesaid claim stands extinguished and is not payable,” it said.
“Accordingly, JMPCL has challenged the said demand before the High Court of Chhattisgarh at Bilaspur,” it added.
On the financial front, JSW Energy reported strong growth in its latest quarterly performance.
The company posted a net profit of Rs 420 crore for the third quarter of FY26, compared to Rs 168 crore in the same period last year, marking a 2.5-fold increase driven by higher power generation and contributions from acquired assets.
Source: IANS
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