The Appellant, the Liquidator of KVK Nilachal Power Pvt. Ltd., challenged the NCLT's order dismissing his application for the return of bank guarantees and margin money from the respondents. The corporate debtor was undergoing liquidation after a failed resolution process.
The Corporate Insolvency Resolution Process (CIRP) was initiated against KVK Nilachal Power Private Limited on 17.09.2019.
Rajendra Prasad Tak was appointed as the Interim Resolution Professional (IRP) and later as the Liquidator.
The resolution process failed, leading to a liquidation order on 17.12.2020.
KVK Nilachal Power Private Limited had entered into a Fuel Supply Agreement with Mahanadi Coalfield Limited (Respondent No. 1) and provided bank guarantees as security.
Respondent No. 1 invoked the bank guarantees during the liquidation process.
The Liquidator filed IA No. 553 / 2023 seeking the return of margin money and bank guarantees, which was dismissed by the Adjudicating Authority.
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Corporate Insolvency Resolution Process…
Liquidation order…
The Appellant, the Liquidator of KVK Nilachal Power Pvt. Ltd., challenged the NCLT's order dismissing his application for the return of bank guarantees and margin money from the respondents. The corporate debtor was undergoing liquidation after a failed resolution process.
The Corporate Insolvency Resolution Process (CIRP) was initiated against KVK Nilachal Power Private Limited on 17.09.2019.
Rajendra Prasad Tak was appointed as the Interim Resolution Professional (IRP) and later as the Liquidator.
The resolution process failed, leading to a liquidation order on 17.12.2020.
KVK Nilachal Power Private Limited had entered into a Fuel Supply Agreement with Mahanadi Coalfield Limited (Respondent No. 1) and provided bank guarantees as security.
Respondent No. 1 invoked the bank guarantees during the liquidation process.
The Liquidator filed IA No. 553 / 2023 seeking the return of margin money and bank guarantees, which was dismissed by the Adjudicating Authority.
…Corporate Insolvency Resolution Process…
Liquidation order…