TMI Blog2021 (10) TMI 1328X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 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 De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation 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 electricity to the Corporate Debtor from the date of restoration of such supply so that the Corporate Debtor can be kept as a going concern . 4. Mr Ratnanko Banerji, learned Senior Counsel appearing for the Applicant, submitted as follows: - (a) The Applicant is the successful auction purchaser of Impex Metal and Ferro Alloys Limited (hereinafter referred to as the Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 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 payment of dues, no new connection or restoration can be sanctioned. 6. Thereafter, in terms of the order dated 06.09.2021 of this Adjudicating Authority, the applicant deposited the security deposit towards obtaining electricity connection. 7. Subsequent to the passing of the order, Respondent No. 1 intimated the Applicant that an amount of 24.50 Crore (including ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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 Respondent No. 1 stated that the term going concern is relatable and akin to as is where is basis. The Corporate Debtor is no longer an entity recognised under the regulations and the Applicant is successful auction purchaser and the connection is to be released in favour of the Applicant only. The Corporate Debtor has no legal competence post liquidation. Tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng 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 liquidator is authorised to sell the corporate debtor as going concern and has held that the Hon ble Adjudicating Authority was incorrect in concluding that Regulation 39C, 32A and 45(3) of IBIBI (Liquidation Process) Regulations, 2016 are inconsistent with Section 54 of the Code. 15. The Ld Senior Advocate also referred to the judgment of Hon ble NCLAT in Paschimancha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wed 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 connection to the Corporate Debtor for 24 MW as per the load requirement of the Applicant; c. Respondent No 1 is directed to keep the security deposit amount as per regulations and refund the balance to the Applicant within 7 days from the date of this order; d. Statutory charges of APTRANSCO, if any, to be paid by Applicant! Corporate Debtor within ..... X X X X Extracts X X X X X X X X Extracts X X X X
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