LAWS(NCLT)-2017-12-671

BANK OF MAHARASHTRA Vs. VISA POWER LIMITED

Decided On December 22, 2017
BANK OF MAHARASHTRA Appellant
V/S
VISA POWER LIMITED Respondents

JUDGEMENT

(1.) The Applicant, Bank of Maharashtra has applied under Section 7 of the Insolvency and Bankruptcy Code, 2016 (from now on referred to as I & B Code, 2016) read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiation of Corporate Insolvency Resolution Process against Visa Power Ltd., a Corporate Debtor.

(2.) The brief facts of the case, as stated in the application, are that Bank of Maharashtra is engaged in the business of providing loans and various credit facilities to its customers and also one of the co-lenders in the consortium finance having a share of 5.1% to the total debt requirement of Rs.1964 crores to Visa Power Limited for setting up a 2X 270 MW Coal fiels independent power Plant at Raigarh,Chattisgarh involving a project cost of Rs.2619 crores .Shri D.Chatterjee has filed this application on behalf of Bank of Maharashtra by authorisation letter dated 30/12/2015 annexed with the petition on page 28-37 marked and annexed as Annexure-'l-A'.

(3.) The Corporate Debtor Visa Power Ltd., Identification No. is U40101WB2005PLC105797. The name and registration number of the proposed Interim Resolution Professional are Mr. Anil Goel; Registration No. is IBBIPA-001/IP-P00118/2017-18/10253 email: anilgoel@aaainsolvency.com