9911796707
TMI Blog2021 (12) TMI 191X X X X Extracts X X X X X X X X Extracts X X X X ..... on, the paramount interest of the parties for the reason that both the Companies i.e. KSK Mahanadi and Raigarh Champa are under CIRP, the supplies are to be made by the Raigarh Champa to the KSK Mahanadi and in turn the KSK Mahanadi has to pay the charges for the supplies to keep both the companies as a going concern. This Tribunal is conscious of the decision of the Hon ble Supreme Court in re-Tata Consultancy Services [ 2021 (11) TMI 798 - SUPREME COURT ] where the Hon ble Supreme Court held that the NCLT and NCLAT cannot rewrite the terms of Contract Agreement. The Appellant is hereby directed to pay 50% of the outstanding due to the Resolution Professional of the 1st Respondent within one month from today - Appellant is hereby dir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority made clear that it was not dwelling into the dispute regarding alleged exorbitant pricing as the same is arising out of the Agreement entered into between both the parties prior to CIRP. With the above directions the MA filed by the 1st Respondent herein was disposed of. 2. Aggrieved by the said order, the Appellant preferred the Appeal. 3. The Learned Counsel for the Appellant submitted that the Learned Adjudicating Authority has re-written the terms of commercial arrangements between the parties, instead of upholding the commercial arrangement that was prevailing between the parties immediately before commencement of the CIRP of both the parties as provided by Section 14(2A) of the Insolvency and Bankruptcy Code, 2016 (Code ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions against the Appellant to ensure that the invoices which will be raised by the 1st Respondent are paid in full and in priority. The Appellant filed its reply and made submissions before the Adjudicating Authority stating that the KSK Mahanadi and Raigarh Champa are related parties as per the Code and the services provided by the Respondent to the Appellant is a critical service as per Section 14 (2) of the Code. It is also averred that the amount billed by the Respondent is three times the actual quantity of coal supplied to the Appellant and the Appellant which is already undergoing CIRP cannot be forced to make such exorbitant payments and the 2014 Agreement does not have any bearing on the Appellant since the Appellant has been relea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rein was directed to pay bills invoices to be raised or raise by the Respondent therein periodically without fail. 8. In view of the reasons stated above, the Learned Counsel prayed this Bench to pass similar Interim Orders to protect the interests of the Appellant since the Appellant is in CIRP. 9. Shri Y. Suryanarayana Learned Counsel appearing for the 1st Respondent filed detailed reply opposing the interim relief stating that the order passed in Company Appeal (AT(CH)(INS) No.234 of 2021dated 01.10.2021 is not similar to the present appeal. He submitted that the Raigarh Champa is undergoing CIR Process and the CIRP is coming to an end on 18th December 2021. The balance of convenience does not lie in favor of the appellant and no h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Supreme Court unequivocal terms has set out that the NCLT and NCLAT cannot rewrite the terms of the Contract/Arrangement between the parties. 11. He further submitted that the Interim Order passed by this Tribunal was based on principles of equity and in the present case the Appellant has sufficient funds to meet the expenses due to the Respondent as per the terms of the Contract. In view of the submissions the Learned Counsel requested the Bench not to grant Interim Reliefs. 12. Heard the Learned Counsel appeared for the respective parties. At this stage, we are not going into delving deep into the merits of the main Appeal and also not expressing any opinion about the merits of the matter, for the reason that this Tribunal cannot d ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
