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TMI Blog2022 (7) TMI 1034X X X X Extracts X X X X X X X X Extracts X X X X ..... . 2,04,82,836. The Financial Statements further reflects that the asset base of the Corporate Applicant is so low as on 31.03.2020. The current assets show only Rs. 30,508.85 and non-current assets show Rs. 6,31,597. The Corporate Applicant has also enclosed along with its application the notice of Extra Ordinary General Meeting of the Company dated 10.10.2021 for approval of filing application under Section 10 of the IBC, 2016 which was held on 01.11.2021 and 05.11.2021, wherein the resolution was approved in the Extra Ordinary General Meeting authorising Mr. Devesh Kumar Agarwal/Mr. Jitesh Kumar Agarwal, Directors of the Company, to make, file an application before Adjudicating Authority for initiation of Corporate Insolvency Resolution Process and further proposed to appoint Mr. Pavan Kankani, Insolvency Professional to act as Interim Resolution Professional at a remuneration of 1,50,000/- per month plus applicable taxes and reimbursements. One of the important Operational Creditors of Corporate Applicant, the Southern Power Distribution Company of Telangana Limited (TSSPDCL) have also filed their Affidavit conveying their No objection for initiation of Corporate Insolvency R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Applicant passed a Special Resolution in its Extraordinary General Meeting held on 01.11.2021 for initiating Corporate Insolvency Resolution process under Section 10 of the IBC, 2016 and the same is enclosed with the petition. 2.5. It is submitted that as per part III of Form-6 the Corporate Applicant has one Operational Creditor which has extended operational facilities. It is further stated that due to acute financial constraints, the Corporate Applicant could not maintain the accounts regularly and as a result the total amount in default is Rs. 15,25,46,280/-. Hence this present Petition is filed under Section 10 of the IBC, 2016. 3. The Contentions as put-forth by the Operational Creditor/Respondent in its Counter are: 3.1. It is submitted that the Government of India enacted the Electricity Act, 2003 thereby repealing the Indian Electricity Act, 1910 and the Electricity Act, 1948. As per the reforms the Central Power Distribution Company of Andhra Pradesh Limited (Hereinafter referred as APCPDCL) was registered under the Companies Act, 1956 vide registered number 01-34116 on 30th March 2000 to cater the area of operation of 7 districts in erstwhile Andhra Pradesh. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount. After the notice period as per the above clause the HT Agreement was terminated with effect from 30.03.2014 duly adjusting the available Security Deposit amount of Rs. 1,30,08,396/- and the same was communicated to Corporate Applicant vide No. SE/OP/MBNR/SAO/HT/D. No. 474/14 Dated 02.07.2014. Corporate Applicant has not come forward to pay the dues. 3.6. It is submitted that Form-A and B notices were issued to the Corporate Applicant under The Andhra Pradesh State Electricity Board (Recovery of Dues) Act, 1984 (Presently. The Telangana State Electricity Board (Recovery of Dues) Act, 1984) and rules made thereunder, vide Notice No. SE/OP/RJN/SAO/JAO/HT/D.No. 228/2018 Dated 19.09.2018 for Rs. 6,44,39,329/- and Notice No. SE/OP/RJN/SAO/JAO/HT/Form-B/D. No. 241(a)/2018 Dated 30.10.2019 for Rs. 7,26,38,083/- respectively. Due to non-receipt of Form-B dues, and for recovery of revenue arrears under The Andhra Pradesh Revenue Recovery Act, 1864 (Presently The Telangana Revenue Recovery Act, 1864) the Respondent submitted the Form-C to the District Collector (Ranga Reddy District) vide Lr. No. SE/OP/RJN/SAO/JAO/HT D. No. 383/19 Dated 09.12.2019 for Rs. 7,26,38,083/- but no actio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16 are liable to be paid as per the Hon'ble Supreme Court in Transmission Corporation of Andhra Pradesh Limited v. M/s. Rain Calcining Limited Others Civil Appeal No. 4569 of 2003 and the Incentive Dispute amount finalised the Hon'ble High Court of Telangana in M/s. Enaar Steels Alloys Private Limited v. The Central Power Distribution Company of Andhra Pradesh Limited WP No. 10301 of 2009 for Rs. 31,15,337. In addition to this Fuel Surcharge Adjustment which is to be paid amounting to Rs. 3,08,13,146, the GPCL Surplus power pending before Hon'ble High Court of Telangana vide Vinayaka Steels Limited, Secunderabad v. Transmission Corporation of Andhra Pradesh Limited and Others WA No. 2158 of 2004 batch case for Rs. 94,29,787 and the R C penalties pending before Hon'ble High Court WP No. 11368 of 1987 for Rs. 2,19,875. Delay Payment of Surcharge on Current consumption charges from the termination of Agreement up to date of submission of petition before this Adjudicating Authority works out for Rs. 4,14,85,862. From above all amounts put together, amount due from the Corporate Applicant is Rs. 15,18,68,497. 3.11. It is submitted that the Corporate Applicant itse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal to act as Interim Resolution Professional at a remuneration of 1,50,000/- per month plus applicable taxes and reimbursements. 6.3. One of the important Operational Creditors of Corporate Applicant, the Southern Power Distribution Company of Telangana Limited (TSSPDCL) have also filed their Affidavit conveying their No objection for initiation of Corporate Insolvency Resolution Process as pleaded. We are satisfied with Resolutions passed by Corporate Applicant and gone through latest Financial Statements filed by Corporate Applicant, which clearly depicts the poor financial health of the Corporate Applicant. We also agree with the contentions made by the Corporate Applicant, that the Company requires quick resolution in view of its poor performance as depicted in the financial statements. 6.4. We, therefore, admit this Application and order initiation of Corporate Insolvency Resolution Process as prayed for by the Corporate Applicant. 6.5. Accordingly, the following Order is passed. 7. Hence, the Adjudicating Authority admits this Application under Section 10 of IBC, 2016 declaring moratorium for the purposes referred to in Section 14 of the IBC, 2016 with following ..... X X X X Extracts X X X X X X X X Extracts X X X X
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