The case involves an application (IA/811(AHM)2022) filed in CP(IB) 231 of 2021 under Section 60(5)(c) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016. The applicant, Ms. Prajakta Menezes, the Interim Resolution Professional (IRP) of Nana Layja Power Company Limited, sought an order for liquidation to initiate the Liquidation Proceeding against the Corporate Applicant. The Corporate Applicant was incorporated in November 2010 to set up a power plant and desalination plant in Kutch, Gujarat, but it never commenced business due to lack of clearances. The Corporate Applicant is a wholly-owned subsidiary of IL&FS Energy Development Company Limited (IEDCL), which is a subsidiary of IL&FS. CIRP was initiated on 20.06.2022.
Nana Layja Power Company Limited (the 'Corporate Applicant') was incorporated on November 19, 2010, with the objective of establishing a 400 MW coal-based thermal power plant, a 2000 MW gas-based combined cycle power project, a 60 million liters per day desalination plant, and a 2.5 MTP Liquefied Natural Gas Terminal in Kutch, Gujarat. However, the Corporate Applicant never commenced business operations due to a lack of necessary clearances. The Corporate Applicant is a wholly-owned subsidiary of IL&FS Energy Development Company Limited ('IEDCL'), which in turn is a subsidiary of IL&FS. The Board of Directors of the Corporate Applicant approved the filing of an application for the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 10 of
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Nana Layja Power…
Board of Directors accorded their approval for…
The case involves an application (IA/811(AHM)2022) filed in CP(IB) 231 of 2021 under Section 60(5)(c) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016. The applicant, Ms. Prajakta Menezes, the Interim Resolution Professional (IRP) of Nana Layja Power Company Limited, sought an order for liquidation to initiate the Liquidation Proceeding against the Corporate Applicant. The Corporate Applicant was incorporated in November 2010 to set up a power plant and desalination plant in Kutch, Gujarat, but it never commenced business due to lack of clearances. The Corporate Applicant is a wholly-owned subsidiary of IL&FS Energy Development Company Limited (IEDCL), which is a subsidiary of IL&FS. CIRP was initiated on 20.06.2022.
Nana Layja Power Company Limited (the 'Corporate Applicant') was incorporated on November 19, 2010, with the objective of establishing a 400 MW coal-based thermal power plant, a 2000 MW gas-based combined cycle power project, a 60 million liters per day desalination plant, and a 2.5 MTP Liquefied Natural Gas Terminal in Kutch, Gujarat. However, the Corporate Applicant never commenced business operations due to a lack of necessary clearances. The Corporate Applicant is a wholly-owned subsidiary of IL&FS Energy Development Company Limited ('IEDCL'), which in turn is a subsidiary of IL&FS. The Board of Directors of the Corporate Applicant approved the filing of an application for the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 10 of
…Nana Layja Power…
Board of Directors accorded their approval for…