Remanded

In the matter of Lakshmi Transcon Private Limited [Ia(Ibc) 1989-2023 in Cp(Ib) No. 189-9-HDB-2021]

NCLT21 Feb 2024IA(IBC) 1989-2023 in CP(IB) No. 189-9-HDB-2021

Case brief

AI extract

What is this about?

In an application for liquidation under Section 9 IBC 2016, the Tribunal noted non-compliance by the Corporate Debtor. Although a monitoring agent reported a partial payment, the Tribunal directed creditors to explain the omission to report the payment immediately.

What did the court decide?

Creditors directed to appear on next hearing to explain failure to inform Tribunal about payment by Corporate Debtor.

In the matter of Lakshmi Transcon Private Limited… — Insolvency and Bankruptcy | NCLT (2024)

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S.No.5

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IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH – 1 VC AND PHYSCIAL (HYBRID) MODE ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 21-02-2024 AT 10:30 AM IA(IBC) 1989/2023 in CP(IB) No. 189/9/HDB/2021 u/s. 9 of IBC, 2016

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IN THE MATTER OF: Arvensis Energy Private Limited VS

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…Operational Creditor

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Lakshmi Transcon Private Limited C O R A M:-

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…Corporate Debtor

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DR. VENKATA RAMAKRISHNA BADARINATH NANDULA, HON’BLE MEMBER (JUDICIAL) SH. CHARAN SINGH, HON’BLE MEMBER (TECHNICAL)

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O R D E R

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IA(IBC) 1989/2023

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Learned Counsel Smt Mano Ranjani, for Resolution Professional and Mr.

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Venkat Narsinga Rao, Monitoring Agent/Resolution Professional present

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through Video Conference.

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Matter passed over for orders. compliance not reported. Learned counsel submitted that no payment has been made, this application may be allowed. Perused the record. Admittedly the SRA has not complied the terms and conditions as to payment, despite availing extension of time. On 16.02.2024, Learned Counsel Smt. JVL Bharathi present and submitted that she has been instructed by the SRA that substantial payment of the amount due under the approved resolution plan will be made today by the SRA and sought a pass

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over. On 16.02.2024 matter was passed over till 3::00 PM with a direction

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Swapna

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-2-

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to the SRA to report the payment made in terms and the under taken given

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during the call work with necessary proof, lest appropriate order will be

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passed in this application, but, no representation for SRA, compliance not reported and the case was posted for orders on 20/02/2024.

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Today there is no representation for SRA. However, the monitoring agent submitted one of the financial creditor has ported receipt of payment of Rupees One Crore.

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In view of the same, the financial creditors are directed to be present on the next hearing date and explain why they did not inform the Tribunal about

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the payment by Corporate Debtor during pendency of application for liquidation. Call on 29.02.2024.

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Sd/- MEMBER (T)

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Sd/- MEMBER (J)

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Swapna

In the matter of Lakshmi Transcon Private Limited [Ia(Ibc) 1989-2023 in Cp(Ib) No. 189-9-HDB-2021]

Case brief

What is this about?

What did the court decide?

In the matter of Lakshmi Transcon Private Limited [Ia(Ibc) 1989-2023 in Cp(Ib) No. 189-9-HDB-2021]

Case brief

What is this about?

What did the court decide?

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