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2023 (6) TMI 69 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAI
Resolution Plan implemented - liability for power connection on account of which, the Resolution Applicant was made to pay an additional amount of Rs.40,43,001/- to KSEB for the bills raised for the month of October 2018 - It was submitted by the RP before the Adjudicating Authority that the Resolution Plan does not include this amount of Rs.40 Lakhs but was paid by the Resolution Applicant to keep the Company as a going concern.
HELD THAT:- The RP has categorically admitted that this amount which was paid towards the electricity bill was not a part of the Resolution Plan and that the Resolution Applicant had paid this amount of Rs.40 Lakhs for the month of October 2018, only to avoid disconnection of the Power Supply. It is an admitted fact that this electricity bill is for the period when the power was not consumed by the Resolution Applicant. It is also not in dispute that the Appellant/Sole Financial Creditor had received the entire balance payment without any objection.
The Resolution Plan has been implemented. The Adjudicating Authority has categorically recorded in the Impugned Order that the Appellant herein had undertaken to return the original Title Deeds after receipt of the balance amount, but have not done so. It is also a matter of the record that the SRA has paid the balance amount of Rs.19,24,678/-. The electricity bills clearly reflect that the arrears as on 30.09.2018, is for the period which was prior to the Resolution Applicant having taken over the Company and, therefore, we do not see any substantial grounds in interfering with the directions given by the Adjudicating Authority that the amount paid by the Resolution Applicant towards the electricity bills, though not a part of the Resolution Plan, be set off from the interest portion of the Sole Financial Creditor.
The electricity dues upto the transfer date are the liability of the Appellant and there are no substantial grounds to interfere with the well-reasoned Order of the Adjudicating Authority. This Tribunal is of the earnest view that the subject Title Deeds are to be handed over to the SRA within a week from the date of this Order.