The NCLT Hyderabad Bench allowed an application seeking restoration of a cancelled bid and grant of no objection for depositing the balance amount, permitting 45 days for payment due to foreign exchange constraints.
The bid is restored and no objection granted for depositing the balance amount within 45 days.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
SL. No.1
NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH COURT HALL NO: II
(PHYSICAL HEARING)
CORAM: JUSTICE TELAPROLU RAJANI – HON’BLE MEMBER (J) CORAM: SHRI CHARAN SINGH - HON’BLE MEMBER (T)
ATTENDANCE-CUM-ORDER SHEET OF THE HEARING OF NATIONAL COMPANY LAW TRIBUNAL, HYDERABAD BENCH, HELD ON 19.01.2023 AT 02:30 PM
| TRANSFER PETITION NO. | |
|---|---|
| COMPANY PETITION/APPLICATION NO. | IA (IBC)/66/2023 in CP (IP) No.678/7/HDB/2018 |
| NAME OF THE COMPANY | Lanco Kondapalli Power Ltd |
| NAME OF THE PETITIONER(S) | Axis Bank Ltd |
| NAME OF THE RESPONDENT(S) | Lanco Kondapalli Power Ltd |
| UNDER SECTION | 7 of IBC |
ORDER
IA(IBC)/66/2023
This application is allowed, vide separate order.
Sd/Sd/- MEMBER (T) MEMBER (J)
IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH - II
IA No.66/2023 in CP(IB) No. 678/7/HDB/2018 U/s. 60(5) of IB Code, 2016
In the matter of :
M/s. MCM Pacific PTE Limited, 911 Lorong 1 Toa Payoh, #25-01 Oleander Towers, Singapore
.... Applicant
Vs
Mr. Pankaj Dhanuka, Liquidator of Lanco Kondapalli Power Limited, FE 328, Sector 3, Salt Lake City, Kolkata – 700 106, West Bengal.
….Respondent
Date of order: 19.01.2023
CORAM :
Justice Telaprolu Rajani, Member (Judicial) Shri Charan Singh, Member (Technical)
Counsels present :
For the Applicant : Mr. Chandrasen Reddy, Senior Advocate Mr. Sameer Kumar, Advocate For the Respondent : Mr. Anupam Prakash, Advocate Liquidator Heard on : 18.01.2023
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[PER: BENCH] ORDER
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in the said proposed payment plan that there could be a slight deviation in payment time. Time for payment was fixed as 90 days from the date of receipt of the LOI from the liquidator. The Applicant was declared as successful bidder. The Applicant was required to make payment within 30 days, failing which the unpaid sums would carry the interest @12% p.a.
By an email dated 30.12.2022, the Respondent informed the Applicant that the afore said proposal was placed before the Stakeholders Committee in the meeting held on 27.12.2022. The Applicant accepted the offer made by the Respondent on behalf of the SCC. On 07.01.2023, the Respondent sent an email acknowledging the email dated 31.12.2022 agreeing to
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upfront/immediate payment of 10% of committed funds i.e. purchase consideration of INR 136.11 crores and the balance amount along with the applicable interest @12% p.a., GST @18% and other applicable statutory taxes and duties etc. within 45 days.
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Sd/- Sd/-
(CHARAN SINGH) JUSTICE TELAPROLU RAJANI) MEMBER (TECHNICAL) MEMBER (JUDICIAL)
VL
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1 issue framed by the court
Whether to restore the bid of the applicant after cancellation and grant a time extension for deposit of balance amount.
2 provisions across 1 enactments
MCM Pacific PTE Limited
Pankaj Dhanuka
Telaprolu Rajani
Charan Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
