Once World’s largest agri based power plant of Punjab is now in Insolvency process
Kanwar Inder Singh/ royalpatiala.in/ Chandigarh
Once World’s largest agri based power plant in Punjab is now in Insolvency process.Insolvency process has been started against producer of foods and energy giant –Lakshmi Energy and Foods Ltd, at Khumanon in Fatehgarh Sahib District with registered office at Chandigarh, for financial irregularities. The plant is closed now and is non operational for the last around two years.
Lakshmi Group which has a punch line-Sky is the limit, is now nose-diving. Balbir Singh Uppal started from a small paddy-rice milling unit in 1981 on a 5 acre land at Khamano, in Fatehgarh Sahib on Ludhiana Chandigarh highway , as a partnership firm. In 1990 the firm became company; named as Lakshmi Grain Processors Pvt. Ltd. In 1994 the company was converted into public limited company and named as Lakshmi Overseas Industries Ltd. Public issue was floated offering Rs.10 per share with Rs.40 as premium per share.Further expanding, in 2001 the production of rice bran and rice bran edible oil started. A cattle feed line was also started. Entering into power generation in 2008 a 30MW husk based power plant to generate green power came into operation. This became the world’s biggest agri based power plant. In 2009 LEAF completed its major modernization cum expansion drive to become world’s largest mill with 1 million MT per annum capacity. It diversified into basmati space in addition to production of non-basmati rice.
As per the Invitation for Expression of interest (IEOI) “The Corporate Insolvency Resolution Process (CRIP) was initiated with regards to the corporate Debtor as per the provision of the Insolvency and bankruptcy Code,2016 vide order dated September 03, 2019 (NCLT Order) passed by national company law Tribunal, Chandigarh (NCLT). Ravinder Aggarwal was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor vide the said NCLT order. Later Kuldip Kumar Bassi was appointed as the Resolution Professional (RP) of the Corporate Debtor vide Order dated February 27, 2020’
March,16,2020
