13/11/2024

Filing and non-pursuance of Section 94 petition for initiation of Insolvency to delay or obstruct and thwart the SARFAESI proceedings, NCLT denies to restore the petition – Suprio Ghosh Vs. Bank of Maharashtra and Anr. – NCLT Chandigarh Bench

/ 3 minutes of reading

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Filing and non-pursuance of Section 94 petition for initiation of Insolvency to delay or obstruct and thwart the SARFAESI proceedings, NCLT denies to restore the petition – Suprio Ghosh Vs. Bank of Maharashtra and Anr. – NCLT Chandigarh Bench Read Post »

When an appeal against NCLAT’s order was dismissed as withdrawn, the order passed by NCLT became final and the order of the NCLT merged with the order of the NCLAT – Prashant Chandra Rath and Anr. Vs. Surya Kanta Satapathy and Anr. – NCLAT New Delhi

/ 8 minutes of reading

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When an appeal against NCLAT’s order was dismissed as withdrawn, the order passed by NCLT became final and the order of the NCLT merged with the order of the NCLAT – Prashant Chandra Rath and Anr. Vs. Surya Kanta Satapathy and Anr. – NCLAT New Delhi Read Post »

Due to non-filing of claim during CIRP, Electricity Company to refund payment made by SRA under protest for restoration of electricity connection ahead of upcoming sugar cane crushing season and the matter falls under Section 60(50)(c) of the IBC – Twentyone Sugars Ltd. Vs. Maharashtra State Electricity Distribution Co. Ltd. – NCLAT New Delhi

/ 20 minutes of reading

The Hon’ble NCLAT observed that:

(i) The Corporate Debtor used to run a sugar crushing unit. A sugar crushing factory is operational generally for six months in a year during the crushing and during this time electricity connection is crucial for the operation of its factory as without it the factory could not operate and may come to a standstill.
(ii) The SRA agreed to make the payment of electricity dues under protest and protection of Hon’ble NCLT order since the time was an essence for the implementation of the Resolution Plan and revival of the Corporate Debtor.
(iii) The present matter, thus, falls under Section 60(5)(c) of IBC since it relates to the insistence of the Respondent for payment of pre-CIRP amounts that stood extinguished by way of the Resolution Plan.
(iv) The amount paid be refunded by the respondent within six weeks from today.

Due to non-filing of claim during CIRP, Electricity Company to refund payment made by SRA under protest for restoration of electricity connection ahead of upcoming sugar cane crushing season and the matter falls under Section 60(50)(c) of the IBC – Twentyone Sugars Ltd. Vs. Maharashtra State Electricity Distribution Co. Ltd. – NCLAT New Delhi Read Post »

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