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TMI Blog2023 (6) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... electricity bill was not a part of the Resolution Plan and that the Resolution Applicant had paid this amount of Rs.40 Lakhs for the month of October 2018, only to avoid disconnection of the Power Supply. It is an admitted fact that this electricity bill is for the period when the power was not consumed by the Resolution Applicant. It is also not in dispute that the Appellant/Sole Financial Creditor had received the entire balance payment without any objection. The Resolution Plan has been implemented. The Adjudicating Authority has categorically recorded in the Impugned Order that the Appellant herein had undertaken to return the original Title Deeds after receipt of the balance amount, but have not done so. It is also a matter of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P/552 553/IB/2017, the Financial Creditor /ARCIL preferred this Appeal. 2. MA/816/2019 was filed by ARCIL against the Corporate Debtor for Liquidation under Section 33(3) of the Insolvency and Bankruptcy Code, 2016, (hereinafter referred to as The Code ), on the ground that the Resolution Applicant has failed to pay the Resolution Plan amount fully. The Resolution Applicant had subsequently filed MA/815/2019 on the ground that the entire amount was paid and that it is the duty of the Resolution Professional ( RP ) to provide the Power Connection to 3 units of the Corporate Debtor by Kerala State Electricity Board ( KSEB ) within 48 hours from the date of transfer of the Corporate Debtor to the Resolution Applicant i.e., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plicant. 5. As to interest portion is concerned, the Resolution Applicant having admittedly paid Rs.14,07,641/- to the Financial Creditor after deduction of the bill already paid and for the remaining balance of Rs.19,24,678/- the Resolution Applicant is hereby directed to pay the said balance to the Escrow Account of the Corporate Debtor within one week hereof. In view of this order, the Financial Creditor counsel having said that they would return the original Title Deeds of the Corporate Debtor immediately after receipt of the balance amount aforementioned, the Financial Creditor is also hereby directed to act accordingly. 6. Since MA/816/2019 filed by the Financial Creditor has become infructuous, the MA/815/2019 MA/816 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CoC comprising of the Appellant as a sole Member, vide an Agreement agreed for extension of time for making payments to the Appellant as detailed in the Resolution Applicant . It was inter alia agreed that the outstanding dues to the KSEB to restore the Electricity Connection till the date of Agreement i.e., 05.10.2018 shall be made by the first Respondent from the sum of Rs.4.34 Crs./- already remitted by the first Respondent within 48 hours of the execution of the Agreement dated 05.10.2018. 7. It is an admitted fact that on 06.10.2018, the second Respondent in terms of the Agreement dated 05.10.2018 made the entire payment towards the outstanding dues upto 05.10.2018, owed by the Corporate Debtor to KSEB for the period upto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on to the Appellant herein to release the original documents pertaining to the assets of the Corporate Debtor in favour of South Indian Bank and to accept the full and final payment from the same Bank towards implementation of the Plan after deducting the cost incurred by the Resolution Applicant towards keeping the Company as a going concern . 8. It is not in dispute that the following three tranches of payment was made by the Resolution Applicant on 16.05.2019, 15.06.2019, 16.09.2019, 21.09.2019 and 04.10.2019, totaling to Rs.24,20,07,641/-. It is the case of the Appellant that the SRA paid the interest not as per the terms of the mutual Agreement dated 16.05.2019. The Appellant submits that the principal amount of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore, the Adjudicating Authority was justified in setting off this amount from the interest portion payable to the Financial Creditor . 11. The RP has categorically admitted that this amount which was paid towards the electricity bill was not a part of the Resolution Plan and that the Resolution Applicant had paid this amount of Rs.40 Lakhs for the month of October 2018, only to avoid disconnection of the Power Supply . It is an admitted fact that this electricity bill is for the period when the power was not consumed by the Resolution Applicant . It is also not in dispute that the Appellant / Sole Financial Creditor had received the entire balance payment without any objection. 12. We are also conscious of the fact that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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