This case involves a Miscellaneous Application filed by the Resolution Professional seeking to quash the operation and effect of a termination letter dated 30.12.2017, which terminated the Coal Mines Development and Production Agreement (CMDPA) dated 2.3.2015 and a vesting order dated 23.3.2015. The termination was issued by the Government of India, Ministry of Coal, concerning the Gare Palma IV/7 Coal Mine. The applicant argues that the termination is in violation of Section 14(1)(d) of the Insolvency & Bankruptcy Code (IBC), 2016, due to the moratorium declared on 18.7.2017 following the initiation of the Corporate Insolvency Resolution Process (CIRP) against Monnet Ispat & Energy Ltd (Corporate Debtor) by State Bank of India.
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Monnet Ispat & Energy Ltd (Corporate Debtor) under Section 7 of Insolvency & Bankruptcy Code, 2016. The NCLT declared a moratorium on 18.7.2017. The Corporate Debtor was allocated a coal mine under the Coal Mines (Special Provisions) Ordinance 2014. A Coal Mines Development and Production Agreement (CMDPA) was entered into between the Corporate Debtor and the Government of India on 2.3.2015, followed by a vesting order dated 23.3.2015. The Corporate Debtor failed to comply with post-vesting obligations, including commencement plan, payment of upfront amount, and execution of mining lease. The Corporate Debtor also failed to renew a performance bank guarantee. The Government of
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Coal Mines Development and Production…
Respondent issued a vesting order under…
This case involves a Miscellaneous Application filed by the Resolution Professional seeking to quash the operation and effect of a termination letter dated 30.12.2017, which terminated the Coal Mines Development and Production Agreement (CMDPA) dated 2.3.2015 and a vesting order dated 23.3.2015. The termination was issued by the Government of India, Ministry of Coal, concerning the Gare Palma IV/7 Coal Mine. The applicant argues that the termination is in violation of Section 14(1)(d) of the Insolvency & Bankruptcy Code (IBC), 2016, due to the moratorium declared on 18.7.2017 following the initiation of the Corporate Insolvency Resolution Process (CIRP) against Monnet Ispat & Energy Ltd (Corporate Debtor) by State Bank of India.
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Monnet Ispat & Energy Ltd (Corporate Debtor) under Section 7 of Insolvency & Bankruptcy Code, 2016. The NCLT declared a moratorium on 18.7.2017. The Corporate Debtor was allocated a coal mine under the Coal Mines (Special Provisions) Ordinance 2014. A Coal Mines Development and Production Agreement (CMDPA) was entered into between the Corporate Debtor and the Government of India on 2.3.2015, followed by a vesting order dated 23.3.2015. The Corporate Debtor failed to comply with post-vesting obligations, including commencement plan, payment of upfront amount, and execution of mining lease. The Corporate Debtor also failed to renew a performance bank guarantee. The Government of
…Coal Mines Development and Production…
Respondent issued a vesting order under…