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 National Company Law Tribunal (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 had undergone a CIRP initiated by ICICI Bank Limited under section 7 of the IB Code, 2016. Mr. U. Balakrishna Bhat was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP faced challenges in taking charge of the Corporate Debtor due to tense situations at the site and non-payment of salaries. The
…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 taking charge of the Corporate Debtor due to tense situations at the site and non-payment of salaries, amounting to Rs.2.90 Crores for more than six months. ICICI Bank released a corpus fund of Rs.90.20 Lakhs to ease the situation. The Committee of Creditors (COC) approved various CIRP costs for different months, but the payments were not released promptly. The RP filed an application (IA No. 106/2019) before the NCLT seeking directions to the COC to release the
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Corporate Insolvency Resolution Process…
Mr. U. Balakrishna Bhat…
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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 National Company Law Tribunal (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 had undergone a CIRP initiated by ICICI Bank Limited under section 7 of the IB Code, 2016. Mr. U. Balakrishna Bhat was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP faced challenges in taking charge of the Corporate Debtor due to tense situations at the site and non-payment of salaries. The
…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 taking charge of the Corporate Debtor due to tense situations at the site and non-payment of salaries, amounting to Rs.2.90 Crores for more than six months. ICICI Bank released a corpus fund of Rs.90.20 Lakhs to ease the situation. The Committee of Creditors (COC) approved various CIRP costs for different months, but the payments were not released promptly. The RP filed an application (IA No. 106/2019) before the NCLT seeking directions to the COC to release the
…Corporate Insolvency Resolution Process…
Mr. U. Balakrishna Bhat…
Sign in to view related legal provisions.