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TMI Blog2018 (9) TMI 1959X X X X Extracts X X X X X X X X Extracts X X X X ..... Electricity Regulatory Commission (Electricity Supply Code and related matters) Regulations, 2015 , no electrical connection can be restored in favour of the Corporate Debtor till the total amount due to the Electricity Company (appellant herein) is paid - HELD THAT:- Such submission cannot be accepted in view of the provisions of Section 31 of the I B Code, where it was made clear that the Resolution Plan is binding on the Corporate Debtors , Financial Creditors , Operational Creditors and all other stakeholders including guarantors . The provision of Section 31 being binding on the appellant - Operational Creditor , in view of Section 238 of the I B Code, the provisions of Gujarat Electricity Regulatory Commission (Electrici ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) in respect of the corporate insolvency resolution process against M/s. Kalptaru Alloys Pvt. Ltd. (Corporate Debtor) has been approved. 2. Learned counsel appearing on behalf of the appellant submitted that the impugned order was passed without notice and hearing the appellant (Operational Creditor) but such submission cannot be accepted as there is no requirement to issue notice to the Operational Creditor(s) or any other creditors for approving a Resolution Plan under Section 31 of the I B Code, having already approved by the Committee of Creditors by majority voting share and in absence of any violation of Section 30(2) of the I B Code. 3. It was next contended that under the provisions of Gujarat Electricity Regulato ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erational Creditors and all other stakeholders including guarantors . The provision of Section 31 being binding on the appellant - Operational Creditor , in view of Section 238 of the I B Code, the provisions of Gujarat Electricity Regulatory Commission (Electricity Supply Code and related matters) Regulations, 2015 , cannot override the same. 4. As per the approved Resolution Plan a sum of ₹ 80.80 Lakhs is payable to the appellant (Operational Creditor). The said amount having paid by the successful Resolution Applicant , the appellant in its turn is required to restore the electricity connection of the Corporate Debtor . We find no merit in this appeal. It is accordingly dismissed. No cost. - - TaxTMI - TMITax - In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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