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TMI Blog2019 (7) TMI 577X X X X Extracts X X X X X X X X Extracts X X X X ..... ion is in order. Therefore the petition is fit for admission. Petition admitted - moratorium declared. - CP (IB) No. 519/7/HDB/2018 - - - Dated:- 9-5-2019 - SHRI RATAKONDA MURALI, MEMBER (JUDICIAL) For The Petitioner : Shri K. Lakshmi Narasimha, Advocate For The Respondent : Shri Avinash Desai and T.P.S. Harsha, Advocates ORDER 1. This petition is filed by Andhra Bank which is the Financial Creditor, stating that M/s. Lanco Thermal Power Limited,the Corporate Debtor had defaulted in repaying a sum of ₹ 129.99Cr. Hence this petition is filed under Section 7 of Insolvency and Bankruptcy Code, 2016, R/w Rule 4 of Insolvency Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, seeking admission of the Petition, initiation of Corporate Insolvency Resolution Process, granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon. 2. The averments of the petition filed by the Petitioner/ Financial Creditor in brief: a. The Financial Creditor is Government of India Undertaking. The Corporate Debtor is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 06.11.15 Agreement of pledge executed by M/S Lanco Power Limited in favour of Pledgee i.e Andhra Bank 8. 06.11.15 Power of Attorney for execution pledging of shares 9. 31.01.05 Memorandum of articles of association of M/S Lanco Power Limited 10. 06.11.15 Deed of pledge executed by M/S Lanco Thermal power Limited in favour of Pledgee i.e Andhra Bank 11. 21.10.15 Resolution executed by M/S Lanco Amarkantak Power limited in respect of financial assistance sanctioned to M/S Lanco Thermal Power Limited 12. 03.11.15 General Form of Guarantee executed by M/S LancoAmarkantak Power limited 13. 03.11.15 RF 255-B, exe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sought by the Corporate Debtor based on its three (3)major assets under construction, i.e., LancoAmarkantak Power Limited (Unit 3 4) 1320 MW, Lanco Babandh Power Limited 1320 MW and Lanco Vidarbha Power Limited 1320 MW, which then were at different stages of implementation and were scheduled to be commissioned by 2017. e. It is averred that the Private Sector Power Projects in the country started experiencing time and cost overruns due to factors beyond the control of the Management which are mainly attributable to sectorial issues like delay in getting approvals, land acquisition challenges, changes in the major power policies affecting the implementation of the projects, severe fuel shortages, delayed regulatory processes, issues with Mega Policy, Lack of Long Term Bidding Opportunities due to Poor financial position of DISCOMS etc., f. It is averred that in the year 2017, 34 coal based thermal power plants were categorized as financially Stressed Assets by the Department of Financial Services (DFS),Ministry of Finance (MOF)and Ministry of Power (MOP),Government of India (GOI).The 34 Stressed Assets include the Corporate Debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for Financial Creditor contended that the decision of Apex Court in Dharani Sugars Chemicals Ltd. v. Union of India Ors is not applicable to the case as proceedings are not initiated against the Corporate Debtor in pursuance of the RBI Circular. 11. The Contention of the Corporate Debtor is that the company is likely to revive its business. This is not a ground on which the petition can be rejected. Further the corporate debtor admitted default. The Financial Creditor suggested the name of IRP and there is no compliant against proposed IRP. The financial creditor has fulfilled all the requirements as contemplated under Code. The petition is in order. Therefore the petition is fit for admission. 12. The Financial creditor has suggested the name of IRP who has given consent in FORM 2 and there is no disciplinary proceedings pending against present IRP. 13. Hence, the Adjudicating Authority admits this Petition under Section 7 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code, with following directions:- (a) The Bench hereby prohibits the institution of suits or continuation of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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