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TMI Blog2017 (9) TMI 1873X X X X Extracts X X X X X X X X Extracts X X X X ..... o the outstanding electricity charges has been made in the resolution plan already submitted. However, the Resolution Applicant may have to file an amended resolution plan. Tagging being made by the lead Bank i.e. Punjab National Bank which is still being deducted - HELD THAT:- Section 14(1) (a) and (c) of the Code prohibits even the execution of decree against the Corporate Debtor. The aforesaid recovery should rather have not been made by the Bank by tagging 5% of the amount being deposited on behalf of the Corporate Debtor in TRA account with effect from the date of commencement of the resolution process i.e. the day of admission of the application. The Punjab National bank is directed to refund the amount recovered under this letter aft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. It is thus prayed that electricity bills in respect of the business premises cannot be recovered during moratorium period. 3. The second prayer is with regard to 5% tagging being made by the lead Bank i.e. Punjab National Bank on the basis of letter dt.20.06.2017 on behalf of the Corporate Debtor which is still being deducted. It is submitted that this deduction should be stayed and the amount recovered so far after the commencement of the resolution process may be directed to be paid back in the account of the Corporate Debtor which has been taken over as a running concern by the Interim Resolution Professional/Resolution Profes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In view of the above, on the Applicant moving such an application within 4 days to the concerned electricity department for separate meters for the production unit and rest of the premises, the Electricity Department shall provide such meters expeditiously but preferably within 5 days. The undertaking given on behalf of the Electricity Department for providing separate meters shall form part of this order. 7. In the said event the Resolution Professional shall be liable to deposit electricity bills of the production unit from the sale proceeds of the product but would remain exempted from payment of bills for rest of the premises including office premises i.e. consumed for the second meter. Arrears of electricity bills, however, shall be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002;" 9. The above provision thus prohibits even the execution of decree against the Corporate Debtor. The aforesaid recovery should rather have not been made by the Bank by tagging 5% of the amount being deposited on behalf of the Corporate Debtor in TRA account with effect from the date of commencement of the resolution process i.e. the day of admission of the application. 10. This prayer of the Applicant is allowed and the Punjab National bank is directed to refund the amount recovered under this letter after commencement of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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