JSW Energy to Bid for Raigarh Champa Rail Infra After NCLAT Approves Fresh Bidding

JSW Energy has come into the spotlight as it is now permitted to participate in a new round of bidding for the Raigarh Champa Rail Infrastructure (RCRIPL) project. This follows a ruling by the National Company Law Appellate Tribunal (NCLAT), which overturned an earlier order from the Hyderabad bench of the National Company Law Tribunal (NCLT) that had restricted fresh bids. 

The appellate tribunal recognised JSW Energy's right to be part of the Corporate Insolvency Resolution Process (CIRP) for this rail infrastructure asset, which is affiliated with the KSK group.

Tribunal Upholds Fairness and Competition in Process

The NCLAT stated that allowing new Expression of Interest (EoI) submissions through a fresh Form G is not only fair but also enhances competition among bidders. This process, according to the tribunal, is non-discriminatory as it includes all potential bidders, not just JSW Energy, and allows previously interested parties to remain in the race. 

It also concluded that no value erosion would occur, especially as the bid will be based on a reserve price and follow a challenge mechanism among all contenders.

Background and Implications of the Tribunal’s Decision

Previously, on 3rd April 2025, the NCLT had rejected the lenders' request to restart the EoI process, thereby preventing JSW Energy’s entry. However, NCLAT's recent decision, delivered on 19th June 2025, annulled that order. This paves the way for the Resolution Professional and Committee of Creditors (CoC) to relaunch the bidding process. 

JSW Energy had earlier acquired KSK Mahanadi Power in Chhattisgarh for ₹16,084 crore through insolvency proceedings. With fresh bidding allowed, competition among companies like Adani Power, Vedanta, and Jindal Power is expected to intensify.

Read more: JSW Energy Allots ₹250 Crore Worth of NCDs via Private Placement!

JSW Energy Share Price Performance 

As of June 23, 2025, at 9:45 AM, JSW Energy share price is trading at ₹491 per share, reflecting a decline of 1.66% from the previous closing price. Over the past month, the stock has declined by 1.27%. The stock's 52-week high stands at ₹804.90 per share, while its low is ₹418.75 per share.

Conclusion 

The NCLAT's ruling marks a significant development in the insolvency process of Raigarh Champa Rail Infrastructure, promoting transparency, fairness, and heightened competition. With JSW Energy and other key players back in the fray, the revised bidding round is expected to yield better value for stakeholders and enhance prospects for the debt-laden project’s revival.

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