The case involves an application filed by M/s Jindal Steel and Power Limited ("Applicant/Successful Bidder") seeking a direction from the National Company Law Tribunal (NCLT) to the Liquidator of Lanco Babandh Power Ltd to refund the Earnest Money Deposit (EMD) of INR 2.5 Crore deposited for the auction of Block-C assets, along with applicable interest. The Corporate Insolvency Resolution Process (CIRP) was initiated against Lanco Babandh Power Ltd. on 29.08.2018, and liquidation proceedings commenced on 27.11.2019, with Mr. Sanjay Gupta appointed as Liquidator. The Liquidator invited bids for e-auction of the company's assets, and Jindal Steel and Power Limited emerged as the successful bidder for Block-C assets, depositing the EMD. However, the assets
…On 29.08.2018, CIRP was initiated against Lanco Babandh Power Ltd. On 27.11.2019, liquidation proceedings were initiated, and Mr. Sanjay Gupta was appointed as Liquidator. The Liquidator invited bids for the e-auction of assets, and Jindal Steel and Power Limited bid for Block-C assets, depositing an EMD of INR 2.5 Crore. On 30.08.2021, the Liquidator informed the Applicant that it was the successful bidder and requested a 5% deposit by 01.09.2021. The Applicant, on 31.08.2021, informed the Liquidator that the Block-C assets were under litigation and withheld by the Customs Authority. The Liquidator supplied a copy of IA 939/2020 to the Applicant on 01.09.2021. The Liquidator had exchanged letters with the Customs Authority, but the assets were not released. The
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Corporate Insolvency…
Order for initiation of liquidation proceedings…
The case involves an application filed by M/s Jindal Steel and Power Limited ("Applicant/Successful Bidder") seeking a direction from the National Company Law Tribunal (NCLT) to the Liquidator of Lanco Babandh Power Ltd to refund the Earnest Money Deposit (EMD) of INR 2.5 Crore deposited for the auction of Block-C assets, along with applicable interest. The Corporate Insolvency Resolution Process (CIRP) was initiated against Lanco Babandh Power Ltd. on 29.08.2018, and liquidation proceedings commenced on 27.11.2019, with Mr. Sanjay Gupta appointed as Liquidator. The Liquidator invited bids for e-auction of the company's assets, and Jindal Steel and Power Limited emerged as the successful bidder for Block-C assets, depositing the EMD. However, the assets
…On 29.08.2018, CIRP was initiated against Lanco Babandh Power Ltd. On 27.11.2019, liquidation proceedings were initiated, and Mr. Sanjay Gupta was appointed as Liquidator. The Liquidator invited bids for the e-auction of assets, and Jindal Steel and Power Limited bid for Block-C assets, depositing an EMD of INR 2.5 Crore. On 30.08.2021, the Liquidator informed the Applicant that it was the successful bidder and requested a 5% deposit by 01.09.2021. The Applicant, on 31.08.2021, informed the Liquidator that the Block-C assets were under litigation and withheld by the Customs Authority. The Liquidator supplied a copy of IA 939/2020 to the Applicant on 01.09.2021. The Liquidator had exchanged letters with the Customs Authority, but the assets were not released. The
…Corporate Insolvency…
Order for initiation of liquidation proceedings…