# In the matter of Lanco Mandakini Hydro Energy Pvt. Ltd. IA No.59-2023 in CP (IB) No.85-ALD-2020

> NCLT judgment dated 23 Mar 2023. Citation: TCN-2023-NCLT-04090. The present interlocutory application, IA No. 59/2023, was filed by Mr. Bhrugesh Ramchandra…

- **Court:** NCLT
- **Order date:** 23 Mar 2023
- **Citation:** TCN-2023-NCLT-04090
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lanco-mandakini-hydro-energy-pvt-ltd-ia-no59-2023-in-cp-ib-no85-ald-2020-865054bb

## Summary

### Background

The present interlocutory application, IA No. 59/2023, was filed by Mr. Bhrugesh Ramchandra Amin, the Resolution Professional (RP) of Lanco Mandakini Hydro Energy Pvt. Ltd., seeking approval of the Resolution Plan for the Corporate Debtor. This application was filed under Sections 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016 (IBC) read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) and Rule 11 of NCLT Rules, 2016. The Corporate Debtor is involved in the production of electricity from hydropower.

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## Facts

The present interlocutory application, IA No. 59/2023, was filed by Mr. Bhrugesh Ramchandra Amin, the Resolution Professional (RP) of Lanco Mandakini Hydro Energy Pvt. Ltd., seeking approval of the Resolution Plan. The application was filed under Sections 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016 (IBC) and Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations), along with Rule 11 of NCLT Rules, 2016. The corporate debtor is engaged in the production of electricity from hydropower.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Statkraft IH Holding AS complies with the provisions of…

**Ratio:** A Resolution Plan, once approved by the Committee of Creditors with the requisite…

**Reasoning:** The court found that the Resolution Plan, as approved by the Committee of Creditors (CoC)…

**Interpretation:** The court interpreted its role as an Adjudicating Authority under the IBC as…

**Application:** The Adjudicating Authority applied this interpretation by scrutinizing the…

## Parties

- **Judges:** Praveen…; Ashish…
- **Advocates:** For the Applicant…

## Timeline

- **June 11, 2020 — Admission…**: Company Petition CP (IB) No.85/ALD/2020 filed by Axis Bank Limited was admitted,…
- **June 12, 2020 — Public Annou…**: Public announcement was made in newspapers…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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