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2020 (7) TMI 420 - AT - Insolvency and BankruptcyCondonation of delay in filing appeal - Appeal has been filed on 11-11-2019 after about 150 days of the Impugned Order - CIRP process - HELD THAT - The Appellant admittedly had noted all the passing of the Resolution Plan, at last on 4-7-2019. It is stated that when admittedly Appeal has to be filed at the most within 45 days from the date of the knowledge, the Present Appeal is apparently time barred. The ground raised in the Appeal Para 6 that during the pendency of the said proceedings before CERC the Appellant was not in a position to quantify the Operational Debt and do so only when the proceeding was initiated on 25th September, 2019 can not be accepted. The Appellant had admittedly filed claim before the IRP/RP of which major part was admitted by the IRP/RP. Inability to quantify the Operational Debt, as claimed when again, be no reason or obstruction in filing of the Appeal against the Impugned Order. Appeal is time barred and is dismissed.
Issues:
1. Interpretation of statutory provisions and regulations in the Electricity Act and Central Electricity Regulation Commission Regulations. 2. Validity of transmission charges and consequential amounts under Bulk Power Transmission Agreement. 3. Admittance of claim by the Resolution Professional. 4. Challenge to the Resolution Plan submitted by Adani Power Ltd. 5. Timeliness of filing the Appeal. 6. Condonation of delay application. 7. Jurisdiction of the Appellate Tribunal in relation to the Insolvency and Bankruptcy Code. Analysis: 1. The Appellant, a Central Transmission Utility, entered into a Bulk Power Transmission Agreement (BPTA) with the Corporate Debtor, claiming transmission charges and consequential amounts as per statutory provisions of the Electricity Act and Central Electricity Regulation Commission Regulations. The Corporate Debtor filed for insolvency under the Insolvency and Bankruptcy Code (IBC) while a petition was pending before the Central Electricity Regulatory Commission (CERC), challenging the Long Term Access (LTA) agreement. 2. The Resolution Professional admitted a portion of the Appellant's claim, and the Resolution Plan submitted by Adani Power Ltd. was accepted by the Adjudicating Authority, leading to the current appeal challenging the Resolution Plan. 3. The Appeal was filed after 150 days of the Impugned Order, with the Appellant claiming lack of knowledge of the order until the CERC proceedings concluded. The Appellant sought condonation of delay, citing regulatory impediments and the need to quantify the Operational Debt before filing the Appeal within the extended limitation period. 4. During the hearing, the Appellant argued that the delay in filing was due to circumstances surrounding the CERC proceedings and alleged ulterior motives of the Respondents in passing the Resolution Plan. However, the Respondent contended that the Appellant had knowledge of the Resolution Plan well within the limitation period for filing the Appeal. 5. The Tribunal referenced previous judgments related to the IBC and demerger schemes but ultimately dismissed the Appeal as time-barred. The Appellant's inability to quantify the Operational Debt during the CERC proceedings was deemed insufficient justification for the delay in filing the Appeal. The Tribunal emphasized that lack of jurisdiction to entertain the Appeal prevented delving into the merits of the case. 6. The Tribunal's decision was based on the strict interpretation of the limitation period under the IBC, highlighting the importance of timely filing and adherence to statutory provisions. The Appeal was ultimately dismissed as time-barred, emphasizing the significance of procedural compliance in insolvency proceedings.
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