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TMI Blog2022 (5) TMI 915X X X X Extracts X X X X X X X X Extracts X X X X ..... e Applicant shall be computed from the date of handing over of peaceful possession of the site by the Liquidator - Application disposed off. - I.A. No. 740 of 2021 in CP (IB) No. 296/7/HDB/2018 - - - Dated:- 28-4-2022 - Bhaskara Pantula Mohan, Member (J) And Dr. Binod Kumar Sinha, Member (T) For the Appellant : Shraddha Gupta, Advocate For the Respondents : Nipin Gautam, Advocate ORDER 1. The present Application is filed under Section 60(5) of the IB Code, 2016 read with Rule 11 of the NCLT Rules, on behalf of the Successful Bidder of the auction conducted by the Liquidator of the Corporate Debtor namely M/s. LANCO BABANDH POWER LIMITED, seeking following reliefs: a. To allow the present application on behalf of the applicant and take into consideration the reliefs and concessions sought by the applicant company; and b. In addition to prayer (a) issue a direction to the Liquidator to revise the timeline for completion of the works of dismantling, removing and lifting of the plant and machinery from Block B of the Lanco Babandh Power Limited and to direct the Liquidator to commence the period of 9 months for completion of the above works from 12.11.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... )/direction(s) which this Tribunal may deem fit and proper in the interest of justice. 2. Brief facts of the case as stated by Applicant are as follows: a. The applicant herein is the successful bidder/auction purchaser for the assets including the entire plant and machinery at Block B of Lanco Babandh Power Limited (Company in liquidation) at Dhenkanal, Odisha. b. The present application is being preferred by the applicant herein seeking waiver of interest on the purchase price and extension of timeline of the completion of the works. This application has necessitated from the fact that despite the applicant being the successful bidder and the letter of intent dated 07.09.2021 being issued in favour of the applicant, the applicant has not been able to the carry out the works of dismantling, removing, lifting of the plant and machinery and collecting the scattered material. This is on account of the protests being carried out by the creditors of the company in liquidation, including but not limited to workmen, ex-employees, etc., the security breaches being committed by such third parties, the security personnel of the applicant and the labour deployed at the site bein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cuments the applicants were required to make payments of 20% of the bid amount within 15 days of declaration of H1 bidder by 15.09.2021. i. That as on date, the entire purchase price has been paid by the applicant. j. That on 16.09.2021, around 250-300 persons illegally trespassed the power plant premises claiming their dues against the respondent and the labourers at the site were threatened and asked not to commence any work at the site and were violently attacked. The security system was also breached by the trespassers and damage was caused to the property and the material at site on account of the violence. Lot of material was also taken away and this has continued over time. The respondent was also apprised of such an event vide letter dated 20.09.2021. k. That in addition to trespassing the power plant premises, damage has been caused to the assets belonging to the applicant, which in the current situation is the lawful owner of such assets. The representatives of the applicant company were also threatened and assaulted using criminal force. The security guards were also assaulted at the site and the trespassers also had possession of dangerous weapons. l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he plant and machinery. q. That vide the Letter of Intent it was stated that the payments towards the purchase price ought to be made by the applicant company within a period of 30 days otherwise the same would attract an interest of 12%. However, in the present conspectus of the case, where the applicant was effectively and completely denied access for carrying out the dismantling work, the present application is necessitated thereby seeking the indulgence of this Authority to issue directions to the appropriate authorities and local bodies to enable the applicant company to carry out the works. r. That in view of the inability of the applicant to carry out the works for reasons not attributable and beyond the control of the applicant, the applicant by way of the present application is seeking directions from this Authority to the Liquidator to the effect that the timelines as per the letter of intent regarding the imposition of penalty in the form of interest on payments being made beyond 30 days to the extent of 12% be shifted for the entire period when there was effective blockage at site which caused massive losses and expenses to the applicant. s. The applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment to assist the Liquidator in maintaining law and order at Corporate Debtor site so that the dismantling process can be resumed by the buyer in accordance with the Letter of Intent. However, Liquidator received no response from the said office. d. That, similarly, the Liquidator also sent a letter and email on 21.09.2021 to the Office of the Collector and District Magistrate, Dhenkanal and local authorities to assist the Liquidator and his team in maintaining law and order at Corporate Debtor site and to resume the lifting operations in accordance with the Liquidation process Regulations and the IB Code. However, the Liquidator received no response from the said office. e. That because of such illegal acts of violence by the ex-employees and workmen, the Applicant was prevented from dismantling, removing and lifting of the plant and machinery from the premises of the Corporate Debtor. The buyer as per the letter of intent had to remove the Plant and Machinery within 9 months from the date of issue of Letter of Intent and in case of non-removal of material within the stipulated time, the Liquidator had a right to claim additional penal charges of Rs. 50 Lakhs per month ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Learned Liquidator, it is observed that due to unruly incidents of trespass and assault on the security personnel deployed at the power plant premises of the Corporate Debtor, the Applicant has not been able to avail peaceful possession of the Plant and Machinery purchased through public auction conducted by the Liquidator, until the issue was resolved with the help of the officers of the District Administration and the Police authorities on the basis of our order in IA 600/2021. It is admitted by the Liquidator that the matter was finally resolved on 09.11.2021 with the help of the District Magistrate and SP of Dhenkanal district. 6. Having considered the entire gamut of facts, and the submissions made by both sides, this Adjudicating Authority orders as under:- I. The period of 9 months for dismantling and removal of the plant machinery by the Applicant shall be computed from the date of handing over of peaceful possession of the site by the Liquidator. II. The Liquidator may consider waiver of interest on payment of last instalment, if it is directly related to delay in handing over peaceful possession of the Power Plant site by the Liquidator. III. Any p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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