Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (9) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (9) TMI 991 - Tri - Insolvency and BankruptcyDirection to First and Second Respondents to supply the Electricity to the Corporate Debtor in the present circumstances without insisting on the payment of past dues or any other preconditions so as to make the company as going concern - HELD THAT:- The Respondent has filed the Counter wherein it is contended that since the electricity connection was disconnected on 23.10.2018 much prior to the commencement of the CIRP due to non-payment of the arrears and if aggrieved by the action of the Respondent a remedy is also open for the company namely, M/s. Supreme Coated Board Mills Private Limited to take recourse in approaching the concerned authority seeking for re-connection if aggrieved by the Applicant and not by approaching this Tribunal with the instant Application. It is to be noticed that the Hon'ble Supreme Court has repeatedly reiterated in relation to IBC, 2016 and proceedings thereunder that resolution of insolvency of the Corporate Debtor, if possible should be attempted at any cost instead of allowing the Company to go into liquidation - The Respondent was agreeable to such a course of action without prejudice to its contentions that this matter will not fall under the provisions of Section 14(2) of the Insolvency & Bankruptcy Code, 2016. The request of the CoC expressed through the Applicants seems to be fair to the limited extent that since the machinery had been kept in idle condition for more than 8 to 9 months and which might be a detrimental factor to maximize the value of the assets appropriate directions given under the circumstances to the Respondents who are agreeable to such a course by directing them to give the re-connection of electricity for a limited period of three weeks with the date of commencement as to when the re-connection to be given to be intimated to the Respondent in advance by the Applicant at least a week prior in consultation with the CoC. Charges for re-connection as well as consumption charges for the three weeks period shall be duly remitted by the Applicant. Application disposed off.
|