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2021 (1) TMI 1173 - MADRAS HIGH COURTSeeking direction to first respondent to pay a sum of ₹ 168,85,00,000 being the sum admitted as payable to the petitioner - bills raised for the electricity supplied on a monthly basis to the first respondent - unilateral and frivolous deductions or not - demand notice under section 8(1) of the Insolvency and Bankruptcy Code, 2016, read with rule 5 of the Insolvency and Bankruptcy Rules, 2016 - HELD THAT:- It is not in dispute that the petitioner is a Power Generating Company and is in the business of supplying power to the first respondent and a major portion of the income depends on the clearance of the payments from the first respondent. From the year 2016, the first respondent had stopped making payments to the petitioner, hence, the petitioner approached the National Company Law Tribunal to start corporate insolvency resolution process against the first respondent, however, the National Company Law Tribunal dismissed the petition. The payments made by the first respondent after May 24, 2018 itself would establish that they treated the petitioner-company as a separate entity and not along with the other two companies. The first respondent having partly complied with the memorandum of settlement dated May 24, 2018 now they cannot take a different stand and contend that since the other two companies are liable to pay the amounts to the first respondent, the petitioner-company is not entitled to claim the amount as per the memorandum of settlement dated May 24, 2018. After deducting the sum of ₹ 135,00,00,000 paid by the first respondent to the petitioner from the total sum of ₹ 208,85,00,000 the balance payable by the first respondent is ₹ 73,85,00,000. Therefore, the first respondent is liable to pay the balance sum of ₹ 73,85,00,000 to the petitioner - the first respondent is directed to pay the balance sum of ₹ 73,85,00,000 to the petitioner within a period of eight weeks from the date of receipt of a copy of this order. The writ petition is partly allowed.
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