The case involves the Corporate Insolvency Resolution Process (CIRP) of Lanco Teesta Hydro Power Limited. ICICI Bank initiated the CIRP under Section 7 of the Insolvency and Bankruptcy Code (IBC). Several applications were filed, including those by NHPC (Resolution Applicant), MSEDCL (Maharashtra State Electricity Distribution Company Limited), and the Resolution Professional. Key issues revolve around the approval of the resolution plan, the impleadment of parties, and disputes related to a Power Purchase Agreement (PPA) between MSEDCL and Lanco Teesta Hydro Power Limited. Additionally, there was an issue of theft of materials from the power plant, leading to a request for a reduction in the bid amount.
ICICI Bank initiated CIRP against Lanco Teesta Hydro Power Limited under Section 7 of IBC. NHPC submitted a resolution plan, which was approved by the CoC with 100% voting share. MSEDCL sought to intervene, claiming a valid PPA with Lanco Teesta, disputing its termination. The Resolution Professional opposed MSEDCL's intervention, arguing lack of jurisdiction and limitation. Theft occurred at the power plant, leading to a request for bid amount reduction. The Resolution Professional took steps to safeguard the assets and lodged a police complaint. MSEDCL and Lanco Teesta had approached MERC regarding the PPA prior to CIRP. The Corporate Debtor terminated the PPA on 14.09.2014, which MSEDCL disputes. The Resolution Professional filed IA 693/2018 for approval of the
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Petition filed by ICICI Bank Ltd under Section…
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The case involves the Corporate Insolvency Resolution Process (CIRP) of Lanco Teesta Hydro Power Limited. ICICI Bank initiated the CIRP under Section 7 of the Insolvency and Bankruptcy Code (IBC). Several applications were filed, including those by NHPC (Resolution Applicant), MSEDCL (Maharashtra State Electricity Distribution Company Limited), and the Resolution Professional. Key issues revolve around the approval of the resolution plan, the impleadment of parties, and disputes related to a Power Purchase Agreement (PPA) between MSEDCL and Lanco Teesta Hydro Power Limited. Additionally, there was an issue of theft of materials from the power plant, leading to a request for a reduction in the bid amount.
ICICI Bank initiated CIRP against Lanco Teesta Hydro Power Limited under Section 7 of IBC. NHPC submitted a resolution plan, which was approved by the CoC with 100% voting share. MSEDCL sought to intervene, claiming a valid PPA with Lanco Teesta, disputing its termination. The Resolution Professional opposed MSEDCL's intervention, arguing lack of jurisdiction and limitation. Theft occurred at the power plant, leading to a request for bid amount reduction. The Resolution Professional took steps to safeguard the assets and lodged a police complaint. MSEDCL and Lanco Teesta had approached MERC regarding the PPA prior to CIRP. The Corporate Debtor terminated the PPA on 14.09.2014, which MSEDCL disputes. The Resolution Professional filed IA 693/2018 for approval of the
…Petition filed by ICICI Bank Ltd under Section…
The Committee of…