TMI Blog2020 (9) TMI 991X X X X Extracts X X X X X X X X Extracts X X X X ..... vate 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 se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the given circumstances of the case and thus render justice. 2. The facts averred in the Application seeking for the above reliefs in short is that the members of the Committee of Creditors (CoC) in the first meeting has opined that the resolution value of the Company will be maximized only when the Company is operational and in view of the said opinion had directed the Applicant herein to take necessary steps to get the electricity connection so as to start the operations of the Corporate Debtor subject to availability of interim finance. 3. In accordance with the directions it is stated that the Applicant had approached the Respondents seeking for the disconnected electricity connection to be restored/reinstated and to this effect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the Resolution Applicants are willing to provide interim finance for a sum of ₹ 50 lakhs subject to the proposal that the machines are allowed to make dry run of the machinery and thereafter to start the trial run and its commercial operations. 8. Taking into consideration the above aspects in the prayer as above noted and as being sought for by the Applicant/IRP, 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ost instead of allowing the Company to go into liquidation. Keeping the above dictum of the Hon'ble Supreme Court, the Respondent was posted with the query as to whether it is possible for the Respondent to give re-connection for a limited period so that the machinery as available with the Corporate Debtor can be operated on a dry run basis and if possible thereafter on a trial production basis with a view to resolve the insolvency of the Corporate Debtor particularly taking into consideration the EoI's that have been received from some of the members of the CoC itself who also happen to be the Applicants and who are also willing to make available interim finance. The Respondent was agreeable to such a course of action without preju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... achinery 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. During the said limited period of three weeks, the plant and machinery of the Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X
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