9911796707
TMI Blog2021 (5) TMI 912X X X X Extracts X X X X X X X X Extracts X X X X ..... rium - In present matter the consumption is stated to have been for running of office and security of Corporate Debtor. In that case, the same will be part of the CIRP Costs which can be recovered when the Resolution Plan is approved or would form part of Section 53 if the Liquidation has been initiated. The electricity charges during CIRP would form part of CIRP Costs - Appeal disposed off. - Company Appeal (AT) (Insolvency) No. 371 & 372 of 2021 - - - Dated:- 27-5-2021 - [Justice A.I.S. Cheema] The Officiating Chairperson And [Mr. V.P. Singh] Member (Technical) For the Appellant : Mr. Anal S. Shah, Advocate. For the Respondent : Mr. Devang P Sampat (In person) ORDER (Virtual Mode) Heard Mr. Anal S. Shah, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Gandhi appeared Applicant in IA 818 of 2020. Learned Counsel Ms. Anal Shah appeared for Uttar Gujarat Vij Co. Ltd. I.A. 818 of 2020 is filed under Section 33 34 of IBC. Heard Learned Counsel for the Applicant. IA 819 of 2020 is filed for review of our order. This authority does not have jurisdiction to review its own order under Rule 11 of NCLT Rules. Applicant is at liberty to file appeal if they are aggrieved by such order. Hence, IA 819 OF 2020 stands disposed-off. Matter to appear for further consideration on 11.01.2021. 4. Aggrieved by the above two Orders, the present Appeal has been filed. 5. The Learned Counsel for the Appellant submits that the Appellant was entitled to recover electricity charge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... torium (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely: - (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such corporate debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified;] [(3) The provisions of sub-section (1) shall not apply to- [(a) such transactions, agreements or other arrangements as may be notified by the Central Government in consultation with any financial sector regulator or any other authority;] (b) a surety in a contract of guarantee to a corporate debtor.]. (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process: Provided that where at an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... committee. 32. Essential supplies The essential goods and services referred to in Section 14(2) shall mean- 1. Electricity; 2. Water; 3. Telecommunication services; and 4. Information technology services, to the extent these are not a direct input to the output produced or supplied by the corporate debtor. Illustration: Water supplied to a corporate debtor will be essential supplies for drinking and sanitation purposes, and not for generation of hydro-electricity. (Emphasis Supplied) 11. Illustration of Regulation 32 makes the distinction clear. If the electricity consumption was for manufacturing and output of the Biscuits which is the normal operation of the Corporate Debtor, in ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
