The case involves an application by the Resolution Professional (RP) under Section 33(2) and 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking orders for the liquidation of M/s Lanco Vidarbha Thermal Power Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an order dated 03.10.2019, admitting a petition under Section 7 of the Code. Vijay Kumar Garg was appointed as the Resolution Professional. The RP presented Form G and minimum eligibility criteria for inviting expression of interest (EOIs) for submission of resolution plans. The CoC approved this in the second meeting with 92.98% voting share.
On 03.10.2019, the Tribunal admitted a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating CIRP for Lanco Vidarbha Thermal Power Limited. Vijay Kumar Garg was appointed as the Resolution Professional (RP). The RP invited expressions of interest (EOIs) for resolution plans, which were approved by the CoC. Three entities submitted EOIs, and three were qualified as prospective applicants. Two of the qualified bidders requested extensions for submitting resolution plans. The RP filed an application for a 90-day extension of the CIRP period and exclusion of the lockdown period, which was granted. One of the prospective resolution applicants (Prudent ARC) requested additional time. The CoC agreed to a three-week extension. The RP filed an
…Sign in to view the parties.
Tribunal admitted petition under Section 7 of…
Three applicants were…
The case involves an application by the Resolution Professional (RP) under Section 33(2) and 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking orders for the liquidation of M/s Lanco Vidarbha Thermal Power Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an order dated 03.10.2019, admitting a petition under Section 7 of the Code. Vijay Kumar Garg was appointed as the Resolution Professional. The RP presented Form G and minimum eligibility criteria for inviting expression of interest (EOIs) for submission of resolution plans. The CoC approved this in the second meeting with 92.98% voting share.
On 03.10.2019, the Tribunal admitted a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating CIRP for Lanco Vidarbha Thermal Power Limited. Vijay Kumar Garg was appointed as the Resolution Professional (RP). The RP invited expressions of interest (EOIs) for resolution plans, which were approved by the CoC. Three entities submitted EOIs, and three were qualified as prospective applicants. Two of the qualified bidders requested extensions for submitting resolution plans. The RP filed an application for a 90-day extension of the CIRP period and exclusion of the lockdown period, which was granted. One of the prospective resolution applicants (Prudent ARC) requested additional time. The CoC agreed to a three-week extension. The RP filed an
…Tribunal admitted petition under Section 7 of…
Three applicants were…