Axis Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Lanco Kondapalli Power Ltd (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 2019-04-23. The CIRP period was extended, and the Resolution Professional (RP) sought exclusion of certain time periods. Despite attempts to revive the Corporate Debtor, no commercially acceptable resolution plan was received. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor with a 98.8% voting share.
Axis Bank Limited, a financial creditor, initiated CIRP against Lanco Kondapalli Power Ltd under Section 7 of IBC. The CIRP commenced on 2019-04-23. The initial CIRP period of 180 days was extended by 90 days. The RP filed an application seeking exclusion of certain time periods from the CIRP. The CoC, in its 14th meeting on 2020-06-22, resolved to liquidate the Corporate Debtor with a 98.8% voting share due to the absence of a viable resolution plan. The CoC also considered the possibility of excess cash available with the Corporate Debtor and the distribution of surplus cash flows to secured creditors. The Resolution Professional filed IA No. 750/2020 seeking liquidation, which was subsequently allowed by the Adjudicating Authority. The liquidator was instructed to
…Sign in to view the parties.
CP(IB)No.678/7/HDB/2018…
Adjudicating Authority…
Axis Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Lanco Kondapalli Power Ltd (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 2019-04-23. The CIRP period was extended, and the Resolution Professional (RP) sought exclusion of certain time periods. Despite attempts to revive the Corporate Debtor, no commercially acceptable resolution plan was received. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor with a 98.8% voting share.
Axis Bank Limited, a financial creditor, initiated CIRP against Lanco Kondapalli Power Ltd under Section 7 of IBC. The CIRP commenced on 2019-04-23. The initial CIRP period of 180 days was extended by 90 days. The RP filed an application seeking exclusion of certain time periods from the CIRP. The CoC, in its 14th meeting on 2020-06-22, resolved to liquidate the Corporate Debtor with a 98.8% voting share due to the absence of a viable resolution plan. The CoC also considered the possibility of excess cash available with the Corporate Debtor and the distribution of surplus cash flows to secured creditors. The Resolution Professional filed IA No. 750/2020 seeking liquidation, which was subsequently allowed by the Adjudicating Authority. The liquidator was instructed to
…CP(IB)No.678/7/HDB/2018…
Adjudicating Authority…