The Paradeep Port filed an application seeking to be declared a secured creditor based on a statutory charge under Section 59 of the Major Port Trust Act, 1963, for assets of M/s. Lanco Babandh Power Limited. They also sought to nullify the e-auction sale of these assets by the liquidator to Jindal Steels & Power Limited. The Corporate Debtor was setting up a thermal power plant in Odisha and imported goods through Paradeep Port, which remained with the port since 2011. Liquidation proceedings against the Corporate Debtor were initiated in 2018, and a liquidation order was passed in 2019. The Respondent No.1 (Liquidator) filed IA No.939 of 2020, which was allowed, directing the Applicant and Customs Authorities to release the goods. The Applicant challenged this
…The Corporate Debtor, M/s. Lanco Babandh Power Limited, was setting up a thermal power plant in Odisha. Between 2011 and 2016, it imported 17,273 MTs of goods/assets through Paradeep Port, which have been lying with the port since November 25, 2011. A consortium of banks led by ICICI Bank initiated corporate insolvency proceedings against the Corporate Debtor, which were admitted on August 29, 2008. A liquidation order was passed on November 27, 2019. Paradeep Port claimed to be a secured creditor based on a statutory charge under Section 59 of the Major Port Trust Act, 1963. The Liquidator initiated an e-auction of the Corporate Debtor's assets, which was challenged by Paradeep Port. The Liquidator classified Paradeep Port as an unsecured operational creditor, which
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The Paradeep Port filed an application seeking to be declared a secured creditor based on a statutory charge under Section 59 of the Major Port Trust Act, 1963, for assets of M/s. Lanco Babandh Power Limited. They also sought to nullify the e-auction sale of these assets by the liquidator to Jindal Steels & Power Limited. The Corporate Debtor was setting up a thermal power plant in Odisha and imported goods through Paradeep Port, which remained with the port since 2011. Liquidation proceedings against the Corporate Debtor were initiated in 2018, and a liquidation order was passed in 2019. The Respondent No.1 (Liquidator) filed IA No.939 of 2020, which was allowed, directing the Applicant and Customs Authorities to release the goods. The Applicant challenged this
…The Corporate Debtor, M/s. Lanco Babandh Power Limited, was setting up a thermal power plant in Odisha. Between 2011 and 2016, it imported 17,273 MTs of goods/assets through Paradeep Port, which have been lying with the port since November 25, 2011. A consortium of banks led by ICICI Bank initiated corporate insolvency proceedings against the Corporate Debtor, which were admitted on August 29, 2008. A liquidation order was passed on November 27, 2019. Paradeep Port claimed to be a secured creditor based on a statutory charge under Section 59 of the Major Port Trust Act, 1963. The Liquidator initiated an e-auction of the Corporate Debtor's assets, which was challenged by Paradeep Port. The Liquidator classified Paradeep Port as an unsecured operational creditor, which
…Goods/assets of the…
Goods/assets of the…