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/- 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 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 sought the release of Rs.3,68,74,302/- approved by the Committee of Creditors (COC) for CIRP costs, including salaries and wages. The RP faced challenges in site visits and securing assets due to non-payment of dues. The COC approved various CIRP costs, but payments were delayed. Some COC members expressed concerns about releasing funds without site possession. The RP filed an application under Regulation 30 Chapter VIII of the Insolvency and Bankruptcy Board of India (Insolvency
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Corporate Insolvency Resolution Process (CIRP)…
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/- 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 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 sought the release of Rs.3,68,74,302/- approved by the Committee of Creditors (COC) for CIRP costs, including salaries and wages. The RP faced challenges in site visits and securing assets due to non-payment of dues. The COC approved various CIRP costs, but payments were delayed. Some COC members expressed concerns about releasing funds without site possession. The RP filed an application under Regulation 30 Chapter VIII of the Insolvency and Bankruptcy Board of India (Insolvency
…Corporate Insolvency Resolution Process (CIRP)…
Mr. U. Balakrishna Bhat…
Sign in to view related legal provisions.