ICICI Bank Limited, claiming to be a Financial Creditor, initiated proceedings under Section 7 of the Insolvency & Bankruptcy Code, 2016 against Lanco Babandh Power Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's alleged default in repaying its financial debt. ICICI Bank had granted various term loans, letters of credit, and bank guarantees to Lanco Babandh Power Limited. The loans were later restructured into a rupee term loan. The account of the Corporate Debtor was declared NPA (Non-Performing Asset). ICICI Bank issued a recall notice demanding payment of the outstanding amount. The Corporate Debtor cited reasons for the project's failure, including delays in approvals, non-approval of drawings, and de-allocation of a coal block.

ICICI Bank Limited, claiming to be a Financial Creditor, initiated proceedings under Section 7 of the Insolvency & Bankruptcy Code, 2016 against Lanco Babandh Power Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's alleged default in repaying its financial debt. ICICI Bank had granted various term loans, letters of credit, and bank guarantees to Lanco Babandh Power Limited. The loans were later restructured into a rupee term loan. The account of the Corporate Debtor was declared NPA (Non-Performing Asset). ICICI Bank issued a recall notice demanding payment of the outstanding amount. The Corporate Debtor cited reasons for the project's failure, including delays in approvals, non-approval of drawings, and de-allocation of a coal block.