9911796707
TMI Blog2022 (7) TMI 1481X X X X Extracts X X X X X X X X Extracts X X X X ..... e no one appeared on behalf of the Respondents in this proceedings despite service of notice, it is not known that Respondent No. 1's stands on the proposal dated 09.01.2020 submitted by the Corporate Debtor for renewal of the lease - it is considered proper to direct the Respondents to allow the Corporate Debtor to run the windmills as per the Respondents own order dated 23.07.2020 on the same conditions as mentioned therein - thus, to keep windmills working is essential part in relation to resolve insolvency of the Corporate Debtor. Application allowed. - M.B. GOSAVI, MEMBER (J) AND KAUSHALENDRA KUMAR SINGH, MEMBER (T) For the Appellant : Navin Pahwa, Sr. Advocate and Ravi Pahwa, Advocate ORDER 1. This application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Authority to permit it to withdraw the Resolution Plan on the ground that the plan was pending for approval of this Adjudicating Authority for more than two years, the Resolution Plan does not remain commercially viable and there is a loss of revenue as some plants of the corporate debtor have been closed down during the last two years. This Adjudicating Authority after hearing in detail all parties, permitted the Resolution Applicant to withdraw the resolution plan vide order dated 08.09.2020 passed in IA No. 439 of 2020. The said order was challenged by the RP and CoC in an Appeal before the Hon'ble NCLAT and the Hon'ble NCLAT vide order dated 20.09.2021 in Company Appeal (AT) (Insolvency) No. 814 of 2020 and Company Appeal (AT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , which was after the commencement of CIRP of the corporate debtor. He further submitted that on 09.01.2020 (during CIRP) the RP made an application for renewal of the lease which was accepted by the office of the Principal Chief Conservator of Forests. (v) The Principal Chief Conservator of Forests passed an order dated 07.05.2022, the relevant portion thereof is extracted hereinbelow: The request of the User Agency was examined by this office. It was observed that FC renewal proposal involved some deviations from the approved lease area and was likely to attract penalty from Government of India in the form of regularization under the Forest (Conservation) Act, 1980. The request of User Agency was considered provided that the Govern ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntioned to the members at the meeting that since the restart of the wind mills, more than 21 months has lapsed. Thus a reasonable opportunity which was given by PCCF (HoFF) on 24/7/2020 and 11/08/2020 to carry out the maintenance of the wind mill and produce power has lapsed. Further PCCF (Hoff) had also permitted the BESCOM to release the payments after withholding 3.70 crores with itself and after deducting 10% of the amount payable towards power purchase from future bills on 07-11-2020. All the above was done in good faith so that the state is not deprived of power and the investment infrastructure of the company does not go waste and Government interest was sought to be safeguarded by withholding 3.70 crores and by retaining 10% of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor remains as a going concern, there is no possibility of maximization of value of its assets. This ground could be raised for rejecting the resolution plan. Hence, the respondent may be directed to initially allow the Corporate Debtor to run the windmills on the leased land by setting aside the order dated 07.05.2022 passed by the Respondent No. 1 which was communicated to the Chief Conservator of Forests. (ix) The Ld. Sr. Counsel further pointed out one more order was passed by the Respondent No. 1 on 23.07.2020 whereby the Respondent No. 1 had allowed the corporate debtor to continue with the lease on certain conditions. The relevant portion thereof is reproduced hereinbelow for ready reference:- It is felt that the government ..... X X X X Extracts X X X X X X X X Extracts X X X X
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