Successful Resolution Applicant paid pre-CIRP electricity dues ...

Revival of Corporate Debtor halted by power utility's insistence on pre-CIRP dues; Supreme Court decision followed.

Case Laws IBC

November 15, 2024

Successful Resolution Applicant paid pre-CIRP electricity dues under protest to Respondent for restoring Corporate Debtor's electricity connection to revive operations per Resolution Plan. Payment related to Corporate Debtor's revival and Insolvency Resolution Process, hence refund claim falls u/s 60(5)(c) of IBC. Supreme Court's decision followed that power distribution company cannot insist on pre-CIRP arrears for restoring electricity. Respondent benefited from non-filing of claim, received higher amount than entitled under Resolution Plan. NCLT had directed restoration of approvals/licenses. Matter pertains to Respondent's non-compliance and insistence on extinguished pre-CIRP dues, covered u/s 60(5)(c). Impugned order set aside, appeal allowed.

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Successful Resolution Applicant paid pre-CIRP electricity dues ...

Revival of Corporate Debtor halted by power utility's insistence on pre-CIRP dues; Supreme Court decision followed.

Case Laws IBC

November 15, 2024

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