The case involves an application (IA No. 106/2019) filed by the Resolution Professional (RP) of Lanco Babandh Power Limited (Corporate Debtor) seeking directions from the NCLT to direct the Committee of Creditors (COC) to release a sum of Rs.3,68,74,302/- which was already approved by the COC towards the Corporate Insolvency Resolution Process (CIRP) costs. The Corporate Debtor underwent a CIRP initiated by ICICI Bank Limited under Section 7 of the IB Code, with Mr. U. Balakrishna Bhat appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).
The Corporate Debtor, Lanco Babandh Power Limited, underwent a Corporate Insolvency Resolution Process (CIRP) initiated by ICICI Bank Limited. Mr. U. Balakrishna Bhat was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP faced difficulties in managing the Corporate Debtor due to non-payment of salaries and other dues, amounting to Rs.2.90 Crores for more than six months. ICICI Bank released a corpus fund of Rs.90.20 Lakhs on 05.09.2018. The RP's site visit was obstructed by company officials. The COC approved various CIRP costs for different months, but the payments were not released promptly. As of 24.01.2019, significant amounts were pending. Some COC members expressed concerns about releasing funds
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Corporate Insolvency Resolution Process…
Mr. U. Balakrishna Bhat…
The case involves an application (IA No. 106/2019) filed by the Resolution Professional (RP) of Lanco Babandh Power Limited (Corporate Debtor) seeking directions from the NCLT to direct the Committee of Creditors (COC) to release a sum of Rs.3,68,74,302/- which was already approved by the COC towards the Corporate Insolvency Resolution Process (CIRP) costs. The Corporate Debtor underwent a CIRP initiated by ICICI Bank Limited under Section 7 of the IB Code, with Mr. U. Balakrishna Bhat appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).
The Corporate Debtor, Lanco Babandh Power Limited, underwent a Corporate Insolvency Resolution Process (CIRP) initiated by ICICI Bank Limited. Mr. U. Balakrishna Bhat was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP faced difficulties in managing the Corporate Debtor due to non-payment of salaries and other dues, amounting to Rs.2.90 Crores for more than six months. ICICI Bank released a corpus fund of Rs.90.20 Lakhs on 05.09.2018. The RP's site visit was obstructed by company officials. The COC approved various CIRP costs for different months, but the payments were not released promptly. As of 24.01.2019, significant amounts were pending. Some COC members expressed concerns about releasing funds
…Corporate Insolvency Resolution Process…
Mr. U. Balakrishna Bhat…