The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging the Adjudicating Authority's order (National Company Law Tribunal, Hyderabad Bench) dated 15.10.2019. The CIRP was initiated against Lanco Infratech Ltd. based on an application filed by a financial creditor under Section 7 of IBC. The CIRP was admitted on 07.08.2017, and a Resolution Professional (RP) was appointed. Subsequently, liquidation proceedings were initiated, and Mr. Savan Godiawala was appointed by the Adjudicating Authority (NCLT, Hyderabad). The appellant, FLSmidth Private Limited, filed a claim before the IRP for Rs. 71.09 crore, which was partially admitted for Rs. 13.47 crore but later rejected by the RP. The appellant challenged this rejection before the
…FLSmidth Private Limited (Appellant), an engineering company, supplied engineering solutions to Lanco Infratech Ltd. (Corporate Debtor). The Corporate Debtor issued a purchase order for systems worth Rs. 95.17 crore. The Corporate Debtor did not open an irrevocable letter of credit for Rs. 73.602 crores and did not take delivery of supplies. The Corporate Debtor was put under CIRP, and the Appellant filed a claim for Rs. 71.09 crore with the IRP on 21.08.2017. The IRP confirmed Rs. 13.47 crore as payable but asked for clarification on the remaining Rs. 57.65 crore. The claim was rejected by the RP. The Appellant challenged the rejection before NCLT, Hyderabad. While the IA was pending, the Corporate Debtor went into liquidation. The Appellant submitted a claim for Rs.
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Corporate Insolvency Resolution Process (CIRP)…
FLSmidth Private…
The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging the Adjudicating Authority's order (National Company Law Tribunal, Hyderabad Bench) dated 15.10.2019. The CIRP was initiated against Lanco Infratech Ltd. based on an application filed by a financial creditor under Section 7 of IBC. The CIRP was admitted on 07.08.2017, and a Resolution Professional (RP) was appointed. Subsequently, liquidation proceedings were initiated, and Mr. Savan Godiawala was appointed by the Adjudicating Authority (NCLT, Hyderabad). The appellant, FLSmidth Private Limited, filed a claim before the IRP for Rs. 71.09 crore, which was partially admitted for Rs. 13.47 crore but later rejected by the RP. The appellant challenged this rejection before the
…FLSmidth Private Limited (Appellant), an engineering company, supplied engineering solutions to Lanco Infratech Ltd. (Corporate Debtor). The Corporate Debtor issued a purchase order for systems worth Rs. 95.17 crore. The Corporate Debtor did not open an irrevocable letter of credit for Rs. 73.602 crores and did not take delivery of supplies. The Corporate Debtor was put under CIRP, and the Appellant filed a claim for Rs. 71.09 crore with the IRP on 21.08.2017. The IRP confirmed Rs. 13.47 crore as payable but asked for clarification on the remaining Rs. 57.65 crore. The claim was rejected by the RP. The Appellant challenged the rejection before NCLT, Hyderabad. While the IA was pending, the Corporate Debtor went into liquidation. The Appellant submitted a claim for Rs.
…Corporate Insolvency Resolution Process (CIRP)…
FLSmidth Private…