# In the matter of Lanco Vidarbha Thermal Power Limited IA No. 1185-2020 in CP (IB) No. 529-7-HDB-2018

> NCLT judgment dated 2021-06-30. Citation: TCN-2021-NCLT-01892. The case involves an application by the Resolution Professional (RP) under Section 33(2) and…

- **Court:** NCLT
- **Order date:** 30 Jun 2021
- **Citation:** TCN-2021-NCLT-01892
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lanco-vidarbha-thermal-power-limited-ia-no-1185-2020-in-cp-ib-no-529-7-hdb-2018-219899b4

## Summary

### Background

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.

## Facts

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

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s Lanco Vidarbha Thermal Power …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code mandates the Adjudicating Authority

…

**Reasoning:** The court relied on the decision of the Hon'ble Apex Court in K. Sashidhar vs. Indian

…

**Interpretation:** The Adjudicating Authority's role is limited to implementing the CoC's decision

…

**Application:** The CoC voted in favor of liquidation with 88.03% voting share. Therefore, the

…

## Parties

- **Judges:** Madan B.…; Veera Brahma Rao…
- **Appellants:** Punjab National…
- **Respondents:** Lanco Vidarbha…
- **Advocates:** P Ravi C…; Niharika A…

## Timeline

- **2019-10-03 — CIRP Init…**: Tribunal admitted petition under Section 7 of IBC, initiating CIRP for Lanco Vidarbha…
- **2020-02-03 — Fourth CoC…**: Three applicants were qualified as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/lanco-vidarbha-thermal-power-limited-ia-no-1185-2020-in-cp-ib-no-529-7-hdb-2018-219899b4