The case involves an application filed by the Resolution Professional of Lanco Thermal Power Limited under Section 31(1) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the resolution plan. The resolution plan includes a scheme of arrangement approved by the Committee of Creditors (CoC) in its sixteenth meeting held on 20.08.2020 with a voting share of 81.60%. The Corporate Insolvency Resolution Process (CIRP) was initiated on 09.05.2019.
Lanco Thermal Power Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 09.05.2019 following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant was appointed as Interim Resolution Professional and later confirmed as Resolution Professional. The Committee of Creditors (CoC) was constituted, comprising various financial creditors including Andhra Bank, Axis Bank, and others. During the CIRP, two Expressions of Interest (EOIs) were received. The CoC negotiated with Resolution Applicants and evaluated the Resolution Plans. The CoC approved a resolution plan submitted jointly by iLabs Hyderabad Technology Centre Private Limited and 50 Hertz Energy Private Limited with 81.6% voting share. The resolution plan
…Sign in to view the parties.
Corporate Insolvency Resolution Process…
Two Registered Valuers were appointed to…
Sign in to view related legal provisions.
The case involves an application filed by the Resolution Professional of Lanco Thermal Power Limited under Section 31(1) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the resolution plan. The resolution plan includes a scheme of arrangement approved by the Committee of Creditors (CoC) in its sixteenth meeting held on 20.08.2020 with a voting share of 81.60%. The Corporate Insolvency Resolution Process (CIRP) was initiated on 09.05.2019.
Lanco Thermal Power Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 09.05.2019 following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant was appointed as Interim Resolution Professional and later confirmed as Resolution Professional. The Committee of Creditors (CoC) was constituted, comprising various financial creditors including Andhra Bank, Axis Bank, and others. During the CIRP, two Expressions of Interest (EOIs) were received. The CoC negotiated with Resolution Applicants and evaluated the Resolution Plans. The CoC approved a resolution plan submitted jointly by iLabs Hyderabad Technology Centre Private Limited and 50 Hertz Energy Private Limited with 81.6% voting share. The resolution plan
…Corporate Insolvency Resolution Process…
Two Registered Valuers were appointed to…
Sign in to view related legal provisions.