The case involves an application (IA No.1001 of 2023) filed by the liquidator of the Corporate Debtor, Lanco Babandh Power Limited, seeking directions from the NCLT to the Respondents (various entities including Visakhapatnam Port Trust and Customs House) for the release of imported goods lying in their custody. The Corporate Debtor had registered its project for setting up a thermal power plant and imported goods, which are now part of the liquidation estate following a liquidation order passed on 27.11.2019. The Respondents, including customs authorities and port authorities, have not released the goods, citing non-compliance with statutory requirements and asserting claims for unpaid dues.
Lanco Babandh Power Limited underwent liquidation, with Sanjay Gupta appointed as the liquidator. The Corporate Debtor had imported goods for a thermal power plant project registered under the Project Import Regulation, 1986. These goods are currently in the custody of various Respondents, including Visakhapatnam Port Trust and Customs House. A liquidation order was passed on 2019-11-27, making the goods part of the liquidation estate. The liquidator sought the release of these goods, but the Respondents refused, citing non-compliance with statutory requirements and claiming unpaid dues. Respondent Nos. 1 and 2 filed claims of Rs.2,65,40,296, while Respondent No. 3 filed a claim of Rs.3,61,61,661, which were admitted by the liquidator. An e-auction took place, and
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Liquidation order was passed against the…
Claim of Rs.3,61,61,661/- of Customs VPL…
The case involves an application (IA No.1001 of 2023) filed by the liquidator of the Corporate Debtor, Lanco Babandh Power Limited, seeking directions from the NCLT to the Respondents (various entities including Visakhapatnam Port Trust and Customs House) for the release of imported goods lying in their custody. The Corporate Debtor had registered its project for setting up a thermal power plant and imported goods, which are now part of the liquidation estate following a liquidation order passed on 27.11.2019. The Respondents, including customs authorities and port authorities, have not released the goods, citing non-compliance with statutory requirements and asserting claims for unpaid dues.
Lanco Babandh Power Limited underwent liquidation, with Sanjay Gupta appointed as the liquidator. The Corporate Debtor had imported goods for a thermal power plant project registered under the Project Import Regulation, 1986. These goods are currently in the custody of various Respondents, including Visakhapatnam Port Trust and Customs House. A liquidation order was passed on 2019-11-27, making the goods part of the liquidation estate. The liquidator sought the release of these goods, but the Respondents refused, citing non-compliance with statutory requirements and claiming unpaid dues. Respondent Nos. 1 and 2 filed claims of Rs.2,65,40,296, while Respondent No. 3 filed a claim of Rs.3,61,61,661, which were admitted by the liquidator. An e-auction took place, and
…Liquidation order was passed against the…
Claim of Rs.3,61,61,661/- of Customs VPL…