SL. No.2

NATIONAL COMPANY LAW TRIBUNAL

HYDERABAD BENCH COURT HALL NO: II

Hearing Through: VC and Physical (Hybrid) Mode

CORAM: SHRI. RAJEEV BHARDWAJ, HON’BLE MEMBER (J)

CORAM: SHRI. SANJAY PURI, - HON’BLE MEMBER (T)

ATTENDANCE-CUM-ORDER SHEET OF THE HEARING OF NATIONAL COMPANY LAW TRIBUNAL,

HYDERABAD BENCH, HELD ON 03.10.2024 AT 10:30 AM

TRANSFER PETITION NO.

COMPANY PETITION/APPLICATION NO. IA (IBC)/421/2024 in CP(IB) 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)/421/2024

Orders pronounced, recorded vide separate sheets. In the result, this application

is dismissed.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Vamsi

IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH - II [Under Section 60(5) of IBC &

Rule 11 of the NCLT Rules, 2016].

In the matter of M/s. Lanco Kondapalli Power Limited Between:

M/s.MCM Pacific Pte Ltd.

Having its office at

911 Lorong 1 Toa Payoh, 25-01 Oleander Towers, Singapore …. Applicant A n d Mr. Pankaj Dhanuka, (Liquidator)

M/s.Lanco Kondapalli Power Limited, Having his registered address at FE 328, Sector 3, Salt Lake City, Kolkata, West Bengal-700106.

…. Respondent Date of Order:03.10.2024 CORAM Hon’ble Sri Rajeev Bhardwaj, Member (Judicial)

Hon’ble Sri Sanjay Puri, Member (Technical)

Counsels present For the Applicant : Mr. Sameer Kumar, Ld. Adv, Mr. Vikram C Puttapaga, Ld. Adv, Mr. Akshay Jain, Ld. Adv.

For the Respondent/Liquidator : Mr. Anupm Prakash, Adv Mr. Vasu Manchanda, Adv.

Per: [Rajeev Bhardwaj, Member (Judicial)]

1. The present application has been filed by the MCM Pacific PTE LTD., through its authorized signatory Mr. Anwar Ahmed Naqvi, seeking to recall the order dated 22.12.2023 passed by this Authority in I.A. (IBC). 1585/ 2023 and allow the Applicant in dismantling the assets based on the undertaking mentioned in paragraph 51 of application.

2. Applicant’s Case:

i. The Corporate Insolvency Resolution Process ("CIRP") was initiated against the Corporate Debtor (CD) on 23.04.2019. Subsequently, CD was placed under liquidation on 16.04.2021 and the Respondent was appointed as Liquidator.

ii. The Liquidator issued a public announcement on 02.02.2022, inviting Expressions of Interest (EoI) of CD’s assets. The Applicant submitted a bid for Phase III assets of Category B of the CD, offering INR 136,11,30,698/- as per the Process Document dated 08.04.2022. The Applicant also submitted a payment plan to the Liquidator, with a note that minor deviations in payment might occur due to unforeseen circumstances but assured full payment within 90 days of receiving the Letter of Intent ("LOI").

iii. The Applicant was declared the Successful Bidder for Phase III of Category B, and the Liquidator issued an LOI on 21.06.2022. As per the LOI and Process Document, the Applicant was required to pay full sale consideration within 30 days, with an additional 60-day extension subject to 12% interest. The Applicant made an initial payment of Rs. 15,44,23,947/-, but due to unforeseen depreciation of Myanmar's currency, the Applicant could not pay the balance within the stipulated time. A letter was sent to the Liquidator on 15.09.2022, explaining the difficulties faced by the Applicant.

iv. After securing credit facility from United Amara Bank, the Applicant subsequently filed I.A. (IBC) No. 972/2022 seeking an extension. However, the Liquidator cancelled the sale through an email on 20.09.2022 and forfeited the amount paid. The I.A. (IBC) No. 972/2022 was dismissed on 12.10.2022 and appeal against the said order was also dismissed by the Hon’ble NCLAT on 28.11.2022.

v. Subsequently, the Applicant achieved financial stability, as United Amara Bank approved a credit facility. On 26.12.2022, the Applicant requested the Liquidator to reconsider the cancellation, offering to pay the full amount by 31.03.2023. The Liquidator placed this proposal before the Stakeholders Consultation Committee ("SCC"), which advised t