# Approval of Resolution Plan - Lanco Amarkantak Power Limited

> NCLT judgment dated 2024-08-21. Citation: TCN-2024-NCLT-00765. The case pertains to an application filed by the Resolution Professional (RP) of Lanco…

- **Court:** NCLT
- **Order date:** 21 Aug 2024
- **Citation:** TCN-2024-NCLT-00765
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-lanco-amarkantak-power-limited-fc0b1ab3

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) of Lanco Amarkantak Power Limited, the Corporate Debtor (CD), seeking approval of a resolution plan submitted by Adani Power Limited (APL), the Successful Resolution Applicant (SRA). The Corporate Insolvency Resolution Process (CIRP) was initiated against Lanco Amarkantak Power Limited following the admission of a petition filed by Axis Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC). The RP was appointed, and a Committee of Creditors (COC) was constituted. The RP invited Expression of Interest (EOI) from prospective resolution applicants, and after several rounds of negotiations and revisions, the COC approved the resolution plan submitted by Adani Power Limited with a

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## Facts

Axis Bank initiated Corporate Insolvency Resolution Process (CIRP) against Lanco Amarkantak Power Limited (Corporate Debtor) under Section 7 of IBC. Mr. Saurabh Kumar Tikmani was appointed as the Resolution Professional (RP). Public announcement of CIRP was made on 2019-09-16. The RP constituted a Committee of Creditors (COC) comprising various financial creditors, including Power Finance Corporation, Rural Electrification Corporation, IDBI Bank, and Axis Bank. The RP appointed transaction auditors and registered valuers to assess the Corporate Debtor's financial position and asset values. The RP invited Expression of Interest (EOI) from prospective resolution applicants, receiving multiple EOIs. After several rounds of discussions and negotiations, the COC approved a

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Adani Power Limited meets the requirements of Section …

**Ratio:** The commercial wisdom of the Committee of Creditors (COC) is paramount in approving a

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**Reasoning:** The NCLT relied on the judgments of the Supreme Court in K. Sashidhar v. Indian Overseas

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**Interpretation:** Section 30(2) of the IBC specifies the requirements that a resolution plan must

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**Application:** In this case, the NCLT found that the resolution plan submitted by Adani Power

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Axis Bank L…
- **Respondents:** M/s Lanco…; Committee of…

## Timeline

- **2018-01-01 — CP(IB) NO. 420/7/HDB/201…**: Filing of the Company Petition CP(IB)…
- **2019-09-05 — Admission of Company…**: The Company Petition CP(IB) No. 420/7/HDB/2018 filed by Axis Bank was admitted by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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