The appeal was filed by the Liquidator of Lance Vidarbha Thermal Power Limited, the Corporate Debtor, under Section 61 of the Insolvency and Bankruptcy Code (IBC) of 2016, challenging an order dated 15.06.2023 by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench). The Adjudicating Authority had rejected the Liquidator's application and allowed the invocation of a Bank Guarantee (BG) during the moratorium period under Section 14 of the IBC. The Corporate Debtor was establishing a power project in Wardha, Maharashtra, and imported materials from China. The project was granted Provisional Mega Power Project status. The Ministry of Power allowed the import of equipment at zero import duty, contingent upon the Corporate Debtor furnishing security in
…Lance Vidarbha Thermal Power Limited, the Corporate Debtor, was setting up a power project of 2x660 MW in Wardha, Maharashtra, and imported materials from China. The project was accorded Provisional Mega Power Project status, allowing import of equipment at zero import duty, subject to furnishing security in the form of Fixed Deposit Receipts (FDR) equal to the customs/excise duty payable. A bond of Rs. 2160 crores and a BG of Rs. 10 crores were executed. The Corporate Debtor imported 32,786 MT of material through Nhava Sheva Port, out of which 8454 MT was shifted to the Customs Private Bonded Warehouse in Wardha. 4722 MT of materials was released and lifted by the Corporate Debtor by furnishing BG of Rs. 17,44,76,012. 3732 MT was still lying in the Customs Private
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The corporate debtor was accorded the status of…
7069 MT of material pertaining to Mumbai…
The appeal was filed by the Liquidator of Lance Vidarbha Thermal Power Limited, the Corporate Debtor, under Section 61 of the Insolvency and Bankruptcy Code (IBC) of 2016, challenging an order dated 15.06.2023 by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench). The Adjudicating Authority had rejected the Liquidator's application and allowed the invocation of a Bank Guarantee (BG) during the moratorium period under Section 14 of the IBC. The Corporate Debtor was establishing a power project in Wardha, Maharashtra, and imported materials from China. The project was granted Provisional Mega Power Project status. The Ministry of Power allowed the import of equipment at zero import duty, contingent upon the Corporate Debtor furnishing security in
…Lance Vidarbha Thermal Power Limited, the Corporate Debtor, was setting up a power project of 2x660 MW in Wardha, Maharashtra, and imported materials from China. The project was accorded Provisional Mega Power Project status, allowing import of equipment at zero import duty, subject to furnishing security in the form of Fixed Deposit Receipts (FDR) equal to the customs/excise duty payable. A bond of Rs. 2160 crores and a BG of Rs. 10 crores were executed. The Corporate Debtor imported 32,786 MT of material through Nhava Sheva Port, out of which 8454 MT was shifted to the Customs Private Bonded Warehouse in Wardha. 4722 MT of materials was released and lifted by the Corporate Debtor by furnishing BG of Rs. 17,44,76,012. 3732 MT was still lying in the Customs Private
…The corporate debtor was accorded the status of…
7069 MT of material pertaining to Mumbai…