9911796707
TMI Blog2023 (8) TMI 905X X X X Extracts X X X X X X X X Extracts X X X X ..... Background: 'Heard' both sides. The 'Appellant'/ 'Company', is a 'Statutory Authority', is an 'Aggrieved Person', in respect of the Impugned Order, dated 25/06/2021, in MA No. 04/2021 in C.P.(IB) No. 187/7/AMR/2019 (filed by the 'Resolution Professional' of 'Panyam Cements and Minerals Industries, Andhra Pradesh), and that the 'Adjudicating Authority'/ 'National Company Law Tribunal, Amaravati Bench', had ultimately, allowed the 'Application', by approving the 'Resolution Plan', dated 19/05/2021, submitted jointly, by 'M/s RV Consulting Services Pvt. Ltd. (RVCL) & Sagar Power Limited (SPL)' ('Resolution Applicant'). Appellant's Pleas : According to the Learned Counsel for the 'Appellant'/ 'Company' ('Statutory Authority'), the instant Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany Appeal (AT) (CH) (Ins) No. 62/2022, may be disposed of, on those lines. Stance of Respondents Nos. 1 & 3: The Learned Counsels appearing for the 'Respondents Nos. 1 & 3', in the instant 'Appeal' are not disputing the fact, that the instant Company Appeal (AT) (CH) (Ins) No. 62/2022, is squarely covered by the 'Judgment', of this 'Appellate Tribunal', of the 'Principal Bench', in Company Appeal (AT) (Ins) No. 1078/2020, dated 13/12/2022. In this connection, this 'Tribunal', on going through the Judgment, dated 13/12/2022, in Company Appeal (AT) (Ins) No. 1078/2020, is of the considered view, that the 'points', involved in the instant 'Appeal', are covered by the Judgment of this Tribunal, in Company Appeal (AT) (Ins) No. 1078/2020, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o confirm that each resolution plan - (e) does not contravene any of the provisions of the law for the time being in force." 16. We may at this stage also refer to the Statutory Regulations 4.6.1 and 4.6.4, which are to the following effect: "4.6.1 If the power supply to any consumer remains disconnected continuously for a period of one hundred and eighty day's where the disconnection has been effected in compliance with any of the provisions of the Act or Regulations, the agreement of the licensee with the consumer for supply of electricity shall be deemed to have been terminated with consequential effect on expiry of the said period of one hundred and eighty days. This will be without prejudice to such other action or the claim that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Regulations in question have to be followed in the Resolution Plan and any contravention shall violate Section 30, sub-section (2) (a) & (e), the provision of Section 238 shall become redundant. From the conjoint reading of the provisions of Code, it is clear that in event any provision is not overridden by Section 238, Resolution Plan cannot contravene any existing law." 4. We may also refer to another judgment of this Tribunal in "Company Appeal (AT) (Ins.) No.961 of 2021, Eastern Power Distribution Company of Andhra Pradesh Limited. Vs. Maithan Alloys Limited & Ors., decided on 26.05.2022", where this Tribunal had occasion to consider the judgment of Hon'ble Supreme Court in "Telangana State Southern Power Distribution Company Ltd. & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cts of the present case.
6. We do not find any good ground to interfere with the order dated 14.02.2020 passed by the Adjudicating Authority approving the Resolution Plan. There is no merit in the Appeal. The Appeal is dismissed."
and resultantly, dismissed the 'Appeal'.
Disposition :
Following the said 'Judgment' of this 'Appellate Tribunal', dated 13/12/2022, in Company Appeal (AT) (Ins) No. 1078/2022, which is squarely applicable to the facts of the instant Company Appeal (AT) (CH) (Ins) No. 62/2022, before the 'Tribunal, this 'Tribunal', dismisses the instant Company Appeal (AT) (CH) (Ins) No. 62/2022, but without Costs. The Connected pending IA No. 131/2022 (For Exemption) and IA No. 132/2022 (For Leave to file), are closed. X X X X Extracts X X X X X X X X Extracts X X X X
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