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TMI Blog2021 (10) TMI 1328X X X X Extracts X X X X X X X X Extracts X X X X ..... for the Applicant present. Ld. Counsel for the Respondent No. 1 present. Ld. Counsel for the Respondent No. 2 present. Ld. Counsel for the Respondent No. 3 present. IA (IBC) No.748 (KB) 2021: 2. This matter is not on board today. It was taken up for hearing upon being mentioned by the Learned Senior Counsel for the applicant. 3. The Applicant has filed the present application seeking the following reliefs: (a) Direct the Respondent No. 1 to restore the electricity connection of Consumer No. VZM 283 i.e., the Corporate Debtor so that the necessary restoration and repairing work of the company can be done and the Corporate Debtor can be kept as a "going concern"; (b) Direct the Respondent No. 1 to maintain uninterrupted supply of ele ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lause 1 above". (e) The Applicant has also paid an amount of 5.97 crore over and above the highest bid to settle all the liabilities of the Corporate Debtor. 5. Mr. Ratnanko Banerji, learned Senior Counsel, submitted that in terms of the order of Hon'ble NCLAT, the Respondent No.2 wrote two e-mails and the Applicant also wrote a letter. In response to the letter dated 13.07.2021 issued by the Applicant, the Respondent No. I on 07.08.2021, wherein the Respondent No.1 refused to reconnect the supply without clearing the previous dues. The Respondent No. 1 stated in the said letter that Applicant/Corporate Debtor is liable to pay the past dues till the commencement of insolvency as well as for the dues during moratorium and hence without pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this point., after the auction sale has been concluded, the HT Agreement should be signed by the new entity which is successful bidder. 10. Mr Rakesh Sharma, learned counsel, also relied on the interim order passed in Company Appeal (AT) (Ins) 866/2020 which cannot be relied being an interim order. Further the issue in the said matter relates to appropriation of security deposit which is different from the present facts. The Respondent No. 1 also relied on the TSSPDCL vs. Srigdhaa Beverages which is an issue relating to the Securitisation Act and hence the ratio laid down therein cannot be relied in the present case. 11I. The present application has been filed by Maithan in this factual conspectus. 12. Mr. Sharma appearing for the Respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, licenses, permits or business authorizations remain in the Company. The Company survives as it was the ownership of the Company is transferred by the Liquidator to the acquirer. Hence, Corporate Debtor survives, only the ownership is transferred by the Respondent No. 1 Liquidator to the Applicant. All the rights, titles and interest in the Corporate Debtor including the legal entity is transferred to the Applicant. After the sale as a 'going concern', the Applicant will be carrying on the business of the Corporate Debtor. The concept of 'going concern' sale is also recognised by Hon'ble NCLAT in Mohan Gems and Jewels Ltd. vs. Vijay Verma & Ors. [Company Appeal (AT) (Insolvency) No. 849/2020] wherein the Hon'ble NCLAT has held that liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent No. 2 to pay the dues of Respondent No I in accordance with Section 53 of the Code. The Ld' Senior Advocate also prayed for a further direction to the Respondent No. 1 to refund the security deposit in excess of the amount paid, if any. 17. In light of the facts stated in the application and the submissions made, the application be and the same allowed and the following is ordered: a. Since a deposit of Rs 24.50 Crore has already been made by the Applicant on behalf of the Corporate Debtor, Respondent No I is directed to conclude the necessary documentation with the Corporate Debtor and energise the connection to the Corporate Debtor within 3 days from the date of this order; b. Respondent No 1 is directed to energise the connec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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