The case involves an application (IA 515/2022) filed by Maharashtra State Electricity Distribution Company Limited (Applicant) under Section 42 of the Insolvency and Bankruptcy Code, 2016, in a corporate insolvency resolution process against Lanco Vidarbha Thermal Power Ltd (Corporate Debtor). The Applicant sought to set aside an order by the Liquidator rejecting its claim of Rs.752.28 crores as a 'Contingent Claim'. The claim arises from a Power Purchase Agreement (PPA) where the Corporate Debtor allegedly failed to meet its obligations, leading to the invocation of a bank guarantee and a demand for liquidated damages. The Liquidator rejected the claim based on an order by the Maharashtra Electricity Regulatory Commission (MERC) which was under appeal before the
…Maharashtra State Electricity Distribution Company Limited (MSEDCL) entered into a Power Purchase Agreement (PPA) with Lanco Vidarbha Thermal Power Ltd for the supply of 680 MW of electricity. The Scheduled Commercial Operation Date (SCOD) was fixed as 04.09.2012. Lanco Vidarbha failed to provide the Fuel Supply Agreement (FSA) and Environmental Clearance (EC) in time, and also failed to submit the additional bank guarantee. MSEDCL invoked and encashed a Bank Guarantee of Rs. 51 crores and demanded liquidated damages on 09.10.2013. Lanco Vidarbha issued a termination notice on 20.09.2014, which MSEDCL rejected. Cases No.136/2015 and 85/2016 were filed before the Maharashtra Electricity Regulatory Commission (MERC), which were decided against MSEDCL on 02.05.2018.
…Sign in to view the parties.
Maharashtra State Electricity Distribution…
The Scheduled…
The case involves an application (IA 515/2022) filed by Maharashtra State Electricity Distribution Company Limited (Applicant) under Section 42 of the Insolvency and Bankruptcy Code, 2016, in a corporate insolvency resolution process against Lanco Vidarbha Thermal Power Ltd (Corporate Debtor). The Applicant sought to set aside an order by the Liquidator rejecting its claim of Rs.752.28 crores as a 'Contingent Claim'. The claim arises from a Power Purchase Agreement (PPA) where the Corporate Debtor allegedly failed to meet its obligations, leading to the invocation of a bank guarantee and a demand for liquidated damages. The Liquidator rejected the claim based on an order by the Maharashtra Electricity Regulatory Commission (MERC) which was under appeal before the
…Maharashtra State Electricity Distribution Company Limited (MSEDCL) entered into a Power Purchase Agreement (PPA) with Lanco Vidarbha Thermal Power Ltd for the supply of 680 MW of electricity. The Scheduled Commercial Operation Date (SCOD) was fixed as 04.09.2012. Lanco Vidarbha failed to provide the Fuel Supply Agreement (FSA) and Environmental Clearance (EC) in time, and also failed to submit the additional bank guarantee. MSEDCL invoked and encashed a Bank Guarantee of Rs. 51 crores and demanded liquidated damages on 09.10.2013. Lanco Vidarbha issued a termination notice on 20.09.2014, which MSEDCL rejected. Cases No.136/2015 and 85/2016 were filed before the Maharashtra Electricity Regulatory Commission (MERC), which were decided against MSEDCL on 02.05.2018.
…Maharashtra State Electricity Distribution…
The Scheduled…