MCM Pacific PTE Ltd., the Appellant, filed a Company Appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench) in IA (IBC)/972/2022 in CP (IB) No.678/7/HDB/2018. The Adjudicating Authority had dismissed an Interlocutory Application filed by the Appellant seeking an extension of time to make the balance payment for the purchase of assets of Lanco Kondapalli Power Limited, the Corporate Debtor, under the liquidation process. The Appellant had been declared the successful bidder in an e-auction process for a specific parcel of assets. The Appellant had already made a partial payment but was unable to disburse the remaining amount due to unforeseen circumstances, including the backing out of international investors and
…MCM Pacific PTE Ltd. (Appellant) participated in an e-auction process for assets of Lanco Kondapalli Power Limited (Corporate Debtor) under liquidation. The Appellant was declared the successful bidder for 'Category B (Parcel 4) – Assets of Phase III of the Corporate Debtor' with a financial proposal of INR 136,11,30,698. The Liquidator issued a Letter of Intent dated 21.06.2022, requiring payment within 30 days, with a 12% per annum interest on unpaid sums, and full payment within 90 days. The Appellant paid Rs.14,94,23,947/-. Due to unforeseen circumstances, including the backing out of international investors and depreciation of Myanmar currency, the Appellant couldn't disburse the remaining amount. They requested an extension of time, which the Liquidator opposed,
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The 'Petition' was 'Admitted', by the…
By an 'Order dated 16.04.2021, 'Adjudicating…
MCM Pacific PTE Ltd., the Appellant, filed a Company Appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench) in IA (IBC)/972/2022 in CP (IB) No.678/7/HDB/2018. The Adjudicating Authority had dismissed an Interlocutory Application filed by the Appellant seeking an extension of time to make the balance payment for the purchase of assets of Lanco Kondapalli Power Limited, the Corporate Debtor, under the liquidation process. The Appellant had been declared the successful bidder in an e-auction process for a specific parcel of assets. The Appellant had already made a partial payment but was unable to disburse the remaining amount due to unforeseen circumstances, including the backing out of international investors and
…MCM Pacific PTE Ltd. (Appellant) participated in an e-auction process for assets of Lanco Kondapalli Power Limited (Corporate Debtor) under liquidation. The Appellant was declared the successful bidder for 'Category B (Parcel 4) – Assets of Phase III of the Corporate Debtor' with a financial proposal of INR 136,11,30,698. The Liquidator issued a Letter of Intent dated 21.06.2022, requiring payment within 30 days, with a 12% per annum interest on unpaid sums, and full payment within 90 days. The Appellant paid Rs.14,94,23,947/-. Due to unforeseen circumstances, including the backing out of international investors and depreciation of Myanmar currency, the Appellant couldn't disburse the remaining amount. They requested an extension of time, which the Liquidator opposed,
…The 'Petition' was 'Admitted', by the…
By an 'Order dated 16.04.2021, 'Adjudicating…