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2022 (12) TMI 273 - HC - Insolvency and BankruptcySeeking quashing of the impugned show cause notices dated 22nd November, 2022 issued by South Eastern Coalfields Limited (SECL) - HELD THAT:- The admitted position on record is that the Petitioner is undergoing insolvency proceedings. It is also admitted that the project is yet to be commissioned. Under these circumstances, prima facie, there appears to be no extension beyond the date of 31st March, 2022, which has been given to the Petitioner. Moreover, a perusal of the show cause notices also shows that the Respondents have called upon the Petitioner to file a reply and to deal with the breach of various conditions in the CSA which required the Petitioner to commission the plant. This Court is not inclined to go into the merits of the petition as to whether there is any justifiable cause for non-commissioning of the plant and as to what would be the effect of the said non-commissioning. The SECL has already issued the show cause notices to the Petitioner. The replies are stated to have been filed. Let a hearing be granted to the Petitioner and an order be passed by the SECL in accordance with law. The Petitioner shall be given two weeks’ time to avail of its remedies in accordance with law before the NCLT which would be the appropriate forum in terms of Section 60(5) of the IBC. Section 60(5) vests jurisdiction in NCLT to entertain or dispose of an application, proceeding, claim made by or against the corporate debtor. In the aforementioned two weeks period, any order that may be passed shall not be given effect to - Petition disposed off.
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