TaxTMI 
TaxTMI 
2019 (7) TMI 577
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....kruptcy Code, 2016, R/w Rule 4 of Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, seeking admission of the Petition, initiation of Corporate Insolvency Resolution Process, granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon. 2. The averments of the petition filed by the Petitioner/ Financial Creditor in brief: a. The Financial Creditor is Government of India Undertaking. The Corporate Debtor is a Private Limited Company engaged in the business of Power Generation. b. The Corporate Debtor vide its letter dated 21-08-2018 requested the Financial Creditor for sanction of certain credit facilities. The Financial Creditor after considering the....
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....e Andhra Bank 8. 06.11.15 Power of Attorney for execution pledging of shares 9. 31.01.05 Memorandum of articles of association of M/S Lanco Power Limited 10. 06.11.15 Deed of pledge executed by M/S Lanco Thermal power Limited in favour of Pledgee i.e Andhra Bank 11. 21.10.15 Resolution executed by M/S Lanco Amarkantak Power limited in respect of financial assistance sanctioned to M/S Lanco Thermal Power Limited 12. 03.11.15 General Form of Guarantee executed by M/S LancoAmarkantak Power limited 13. 03.11.15 RF 255-B, executed by M/S Lanco Amarkantak Power limited along with Memorandum & Articles of Association 14. 26.10.15 Resolution executed by M/S Vainateya Power Limited in repect of financial assistance sanction to M....
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....e of repayment schedule). The released loan in November 2015 was utilized in meeting the existing outstanding liability of the company which in turn enabled the Corporate Debtor to fulfil its repayment obligations. d. It is averred that the loan amount was sought by the Corporate Debtor based on its three (3)major assets under construction, i.e., LancoAmarkantak Power Limited (Unit 3 & 4) 1320 MW, Lanco Babandh Power Limited 1320 MW and Lanco Vidarbha Power Limited 1320 MW, which then were at different stages of implementation and were scheduled to be commissioned by 2017. e. It is averred that the Private Sector Power Projects in the country started experiencing time and cost overruns due to factors beyond the control of the Management....
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....pany but is running two small hydro projects (5MW each). 7. The Financial Creditor has sanctioned a Corporate Loan of Rs. 100 Crores vide sanction letter dated 01-10-2015. This fact is admitted by the corporate debtor. Further corporate debtor admitted default in paying instalments. The notice was also issued to the corporate debtor to make payments. However, corporate debtor failed to make payments. Corporate debtor committed default of Rs. 129.99 Crores Plus interest. 8. Corporate debtor contended that default occurred due to various reasons. The Corporate Debtor admitted the default, but the default was occurred due to factors beyond the control of the management which are mainly attributable to sectorial issues like delay in getting a....
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....ORM 2 and there is no disciplinary proceedings pending against present IRP. 13. Hence, the Adjudicating Authority admits this Petition under Section 7 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code, with following directions:- (a) The Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, Tribunal, arbitration panel or other authority; Transferring , encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created ....