14/03/2022

Restoration of power connection to the Corporate Debtor for getting a better resolution plan – Damodar Valley Corporation Vs. Karthik Alloys Ltd. – NCLAT New Delhi

In this case, the disconnection of the electricity supply to the Durgapur unit took place on 14.9.2019. According to clause 4.6.1 of the Power Supply Agreement, deemed termination of the agreement could happen only after 180 days from the date of disconnection. Thus deemed termination could have taken place on or after 12.3.2020 i.e. 180 days after the date of disconnection. The order for initiation of CIRP was passed on 17.12.2019 and moratorium was imposed under section 14 from the same date. Thus the deemed termination of the Power Supply Agreement to the Durgapur unit of the corporate debtor which could not take place by 17.12.2019, could not happen during the moratorium period, by virtue of protection provided under Section 14(2). NCLAT held that in passing the Impugned order by which directions have been given to DVC for reconnection of the electricity supply to the corporate debtor during the moratorium period and also allowing waiver of security deposit, the Adjudicating Authority has not exceed its jurisdiction under the IBC.

Restoration of power connection to the Corporate Debtor for getting a better resolution plan – Damodar Valley Corporation Vs. Karthik Alloys Ltd. – NCLAT New Delhi Read Post »

Treatment of decree holders who hold decrees against a Corporate Debtor under the insolvency resolution process (CIRP) under IBC – Sri Subhankar Bhowmik Vs. Union of India and Anr. – Tripura High Court

Landmark judgment on treatment of decree holders who hold decrees against a Corporate Debtor under the insolvency resolution process (CIRP) under IBC

Treatment of decree holders who hold decrees against a Corporate Debtor under the insolvency resolution process (CIRP) under IBC – Sri Subhankar Bhowmik Vs. Union of India and Anr. – Tripura High Court Read Post »

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