The case involves an application filed by MCM Pacific Private Limited (the Applicant) seeking directions from the National Company Law Tribunal (NCLT) to prevent the Liquidator/Resolution Professional from cancelling their bid for assets of Lanco Kondapalli Power Limited (the Corporate Debtor). The Applicant had offered a bid of Rs. 136.11 Crores, which was accepted, and they were declared the successful bidder. However, issues arose regarding GST, interest, and reservation costs. The Applicant sought extensions of time to make the balance payment, which were initially denied, leading to the cancellation of the sale and forfeiture of Rs. 15.44 Crores. The Applicant then approached the liquidator for reconsideration and filed multiple IAs seeking extensions and waivers
…MCM Pacific Private Limited (Applicant) participated in the liquidation process of Lanco Kondapalli Power Limited (Corporate Debtor) and emerged as the successful bidder for asset parcel No. 4 in category B, offering Rs. 136.11 Crores. The CIRP of the Corporate Debtor was initiated on 2019-04-23, and liquidation was ordered on 2021-04-16. A letter of intent was issued on 2022-06-21, and the Applicant paid Rs. 15.44 Crores. The balance payment was not made within the stipulated 90 days, leading the Respondent (Liquidator) to cancel the sale and forfeit the deposited amount on 2022-09-20. The Applicant filed IA No. 972/2022 seeking an extension of time, which was dismissed on 2022-10-12, and the appeal was dismissed by NCLAT on 2022-11-28. The Applicant approached the
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CIRP of Corporate…
An order for liquidation…
The case involves an application filed by MCM Pacific Private Limited (the Applicant) seeking directions from the National Company Law Tribunal (NCLT) to prevent the Liquidator/Resolution Professional from cancelling their bid for assets of Lanco Kondapalli Power Limited (the Corporate Debtor). The Applicant had offered a bid of Rs. 136.11 Crores, which was accepted, and they were declared the successful bidder. However, issues arose regarding GST, interest, and reservation costs. The Applicant sought extensions of time to make the balance payment, which were initially denied, leading to the cancellation of the sale and forfeiture of Rs. 15.44 Crores. The Applicant then approached the liquidator for reconsideration and filed multiple IAs seeking extensions and waivers
…MCM Pacific Private Limited (Applicant) participated in the liquidation process of Lanco Kondapalli Power Limited (Corporate Debtor) and emerged as the successful bidder for asset parcel No. 4 in category B, offering Rs. 136.11 Crores. The CIRP of the Corporate Debtor was initiated on 2019-04-23, and liquidation was ordered on 2021-04-16. A letter of intent was issued on 2022-06-21, and the Applicant paid Rs. 15.44 Crores. The balance payment was not made within the stipulated 90 days, leading the Respondent (Liquidator) to cancel the sale and forfeit the deposited amount on 2022-09-20. The Applicant filed IA No. 972/2022 seeking an extension of time, which was dismissed on 2022-10-12, and the appeal was dismissed by NCLAT on 2022-11-28. The Applicant approached the
…CIRP of Corporate…
An order for liquidation…