TMI Blog2018 (10) TMI 194X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 7 of the Insolvency Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 with a request to trigger the Corporate Insolvency Resolution Process in respect of M/s. Lanco Babandh Power Limited, styling it as Corporate Debtor. 2. Petitioner is Banking Company within the meaning of Banking Regulations Act, 1949. The Registered Office of the Petitioner Company is at Vadodara in Gujarat State. 3. Respondent is a Company within the meaning of the Companies Act. Registered Office of the Respondent Company is situated in Madhapur in Hyderabad, Telangana State. 4. The Authorised Share Capital of the Respondent Company is - INR 170,000,000,000/- (Rupees One Hundred and Seventy Billion Only). The Paid Up Share Capital of the Respondent is - INR 14,323,227,180.0/- (Rupees Fourteen Billion Three Hundred Twenty Three Million Two Hundred Twenty Seven Thousand One Hundred Eighty only). 5. Petitioner Company in the form of term loan granted the following loans: (i) senior term loan of INR 9300.0 million ( Senior RTL-I ); (ii) letter of credit of INR 5000 million as sub-limit of Senior RTL-1 ( LC Facil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st, premia, costs, charges, fluctuations in currency conversion rates etc., thereon at the contractual rates upon the footing of compound interest until payment/realization. The account of the Corporate Debtor with ICICI Bank was declared NPA on 31.03.2016 w.e.f, 13.01.2015. ICICI Bank and ICICI Bahrain vide letter dated 03.08.2017 recalled all the outstanding and demanded payment of amount as on 03.08.2017. The Corporate Debtor has provided security under the facilities, the estimated value of the securities is ₹ 64,111, 500,000.00 (Sixty Four Billion One Hundred Eleven Million Five Hundred Thousands only). 11. The petitioner filed the following documents to substantiate the financial debt and occurrence of default in repayment of the financial debt:- i. Copy of ISDA Master Agreement dated October 18, 2012 and the Board Resolution dated October 15, 2012 (Exhibit-4); ii. Copy of Derivative Facility was terminated vide letter dated July 24, 2017. (Exhibit-5); iii. Copies of JLF meeting dated May 04, 2014 (Exhibit-6); iv. Copy of dates of disbursement under the Facilities. ( Exhibit-7); v. Copy of recall notice dated August 03, 2017 (Exhibit-8); vi. Copy of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated March 2, 2016, (Exhibit-24); xxii. Copy of certificate of registration dated September 19,2015, (Exhibit 25); xxiii. Copy of deposit of title deeds by constructive delivery and director s declaration dated August 21, 2015, (for ECB Facility and RTL I only), (Exhibit-26); xxiv. Copy of memorandum of entry by deposit of title deeds by constructive delivery and director s declaration dated December 8, 2015, (Exhilbit-27); xxv. Copy of Certificate of registration dated December 10, 2015, (Exhilbit-28); xxvi. Copy of Non-disposal arrangement and designated account agreement dated September 06, 2010, (Exhibit-29); xxvii. Copy of First amended and restated non-disposal of agreement dated October 23, 2013, (Exhibit-30); xxviii. Copy Second amended and restated non-disposal agreement, Second Amended and restated agency agreement and amended and restated designated account agreement and irrevocable power of attorney(ies) by LITL, LGL and CTPL dated July 24, 2015, (Exhibit-31); xxix. Copies of the Annexure P(s) filed on LGL, LTL and CTPL s DP Agent s No.20019073, 20019507 and 20019065 on January 21, 2016 and Annexure P(s) has been confirmed in the pledge master r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting the following reasons for failure of the commencement of the Project. (a) Unanticipated delay in getting approval from statutory authorities in the matters of land, forest clearance and power evacuation; (b) Non-approval of execution of drawings from the Central and State Government Departments; (c) Non-formulation of IPP establishment by Government of Odisha; (d) Non-availability of offshore material, held up at ports due to non-payment of customs duty; (e) Industry sentiments towards infusion of equity capital/investments in Power Industry diminished; (f) De-allocation of coal block allotted to the Project; (g) Non-support of lenders for participation in 2nd auction for coal; (h) Linkage auction conducted by Coal India Limited under SHAKTI scheme of Ministry of Coal. Petitioner could not obtain Mega Power certificate from the Ministry of Power in order to enter into long term Power Purchase Agreements with Discoms of Uttar Pradesh; (i) Non-availability of imported material at site had an impact on project progress. (j) The Corporate Debtor in all sincerity started execution of project very ambitiously after doing ground work viz identifying the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts. 16. Hence the Appeal is admitted. 17. This Adjudicating Authority is appointing Sri U. Balakrishna Bhat, Insolvency Professional, A-005, Western Edge-II, Off Western Express Highway, Borivali East, Mumbai - 400 066, Maharashtra, India, Email:ubbhat@radissonindia.in, Reg. No.IBBI/IPA-001/IP-P00658/2017-2018/11107 as an Interim Resolution Professional, U/sec.l3(l)(b) of the Code. 18. Section 13 of the Code says that after admission of the application under Section 7, the Adjudicating Authority shall pass an order declaring moratorium for the purposes referred to in Section 14. Therefore, in view of the commencement of Corporate Insolvency Resolution Process with the admission of this Petition and appointment of the Interim Resolution Profession, this Adjudicating Authority hereby passes the order declaring moratorium under Section 13(1)(a) prohibiting the following as laid down I Section 14 of the Code. (a) the institution of suits or continuation of Pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority. (b) transferring, encumbering, alienat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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