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2021 (10) TMI 1328 - Tri - Insolvency and BankruptcyLiquidation proceedings under progress - Seeking direction to respondent to restore the electricity connection of Consumer - seeking direction to respondent to maintain uninterrupted supply of electricity to the Corporate Debtor from the date of restoration of such supply so that the Corporate Debtor can be kept as a “going concern” - HELD THAT:- When a corporate debtor is sold in liquidation as a ‘going concern’, the Company survives, there will be no need for dissolution of the Company in terms of section 54 of the Code. The assets along with all attendant claims, limitations, licenses, permits or business authorizations remain in the Company. The Company survives as it was the ownership of the Company is transferred by the Liquidator to the acquirer. Hence, Corporate Debtor survives, only the ownership is transferred by the Respondent No. 1 Liquidator to the Applicant. All the rights, titles and interest in the Corporate Debtor including the legal entity is transferred to the Applicant. After the sale as a ‘going concern’, the Applicant will be carrying on the business of the Corporate Debtor. Since a deposit of Rs 24.50 Crore has already been made by the Applicant on behalf of the Corporate Debtor, Respondent No I is directed to conclude the necessary documentation with the Corporate Debtor and energise the connection to the Corporate Debtor within 3 days from the date of this order - Respondent No 1 is directed to energise the connection to the Corporate Debtor for 24 MW as per the load requirement of the Applicant - Respondent No 1 is directed to keep the security deposit amount as per regulations and refund the balance to the Applicant within 7 days from the date of this order - Corporate Debtor is directed to pay the electricity dues of the Respondent No. 1 from the date of connection by the Respondent No. 1 in accordance with the rules and regulation of Respondent No. 1. Application disposed off.
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