ICICI Bank Ltd Vs Lanco Babandh Power Ltd. (NCLT Hyderabad)
The case between ICICI Bank Ltd and Lanco Babandh Power Ltd, adjudicated at the National Company Law Tribunal (NCLT) Hyderabad, involved a contempt petition filed by Mr. Sanjay Gupta, the Liquidator for Lanco Babandh Power Limited (referred to as the Petitioner), against certain Port Authority Officers (referred to as Respondents) for disobeying a court order. The order in question was issued on 29.03.2023, in response to an application (IA No.939/2020) in CP (IB) No.296/7/HDB/2018.
The facts leading to the contempt petition included the initiation of Corporate Insolvency Resolution Process (CIRP) for Lanco Babandh Power Limited, the subsequent liquidation process, and the importation of goods, items, and machinery for setting up a Thermal Power Plant in Odisha. Despite various attempts by the Petitioner to secure the release of these goods, the Port Authority Officers did not comply with the court order dated 29.03.2023.
The Respondents had initially filed claims for pending customs duty with the Liquidator but later failed to release the goods, citing various reasons including non-furnishing of required documents by the importer and provisions of the Customs Act, 1962. However, the Liquidator argued that the Insolvency and Bankruptcy Code (IBC) supersedes other laws, giving the Liquidator authority over the assets of the Corporate Debtor.
