The case involves a dispute over the termination of Fuel Supply Agreements (FSAs) between South Eastern Coalfields Limited (SECL) and Lanco Amarkantak Power Limited (LAPL), a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). Axis Bank Ltd. initiated the CIRP against LAPL under Section 7 of the IBC. The Resolution Professional (RP) filed an application (I.A. No. 28 of 2023) seeking to prevent SECL from terminating the FSAs and invoking bank guarantees provided by LAPL as security deposits. The RP argued that the termination would violate Section 14 of the IBC, which prohibits the termination of essential contracts during CIRP. SECL contended that LAPL failed to meet the conditions precedent under the FSAs, justifying the termination. The Delhi
…Axis Bank Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Lanco Amarkantak Power Limited (LAPL) under Section 7 of the IBC. Saurabh Kumar Tikmani was appointed as the Resolution Professional (RP). LAPL runs a thermal power plant in Korba, Chhattisgarh, divided into three phases: Phase I is fully operational, Phase II is 70% complete, and Phase III is in the nascent stage. For Phase II, LAPL executed two Fuel Supply Agreements (FSAs) with South Eastern Coalfields Limited (SECL) to secure coal allocation. The FSAs stipulated that LAPL should complete construction of Phase II and enter into long-term power purchase agreements (PPAs) within 24 months. Due to industry-wide slowdown, the Ministry of Coal (MoC) extended the deadline to 31/03/2022. LAPL
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The case involves a dispute over the termination of Fuel Supply Agreements (FSAs) between South Eastern Coalfields Limited (SECL) and Lanco Amarkantak Power Limited (LAPL), a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). Axis Bank Ltd. initiated the CIRP against LAPL under Section 7 of the IBC. The Resolution Professional (RP) filed an application (I.A. No. 28 of 2023) seeking to prevent SECL from terminating the FSAs and invoking bank guarantees provided by LAPL as security deposits. The RP argued that the termination would violate Section 14 of the IBC, which prohibits the termination of essential contracts during CIRP. SECL contended that LAPL failed to meet the conditions precedent under the FSAs, justifying the termination. The Delhi
…Axis Bank Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Lanco Amarkantak Power Limited (LAPL) under Section 7 of the IBC. Saurabh Kumar Tikmani was appointed as the Resolution Professional (RP). LAPL runs a thermal power plant in Korba, Chhattisgarh, divided into three phases: Phase I is fully operational, Phase II is 70% complete, and Phase III is in the nascent stage. For Phase II, LAPL executed two Fuel Supply Agreements (FSAs) with South Eastern Coalfields Limited (SECL) to secure coal allocation. The FSAs stipulated that LAPL should complete construction of Phase II and enter into long-term power purchase agreements (PPAs) within 24 months. Due to industry-wide slowdown, the Ministry of Coal (MoC) extended the deadline to 31/03/2022. LAPL
…The Corporate Debtor (CD) was admitted into…
The applicant addressed a letter to the…