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TMI Blog2022 (12) TMI 618X X X X Extracts X X X X X X X X Extracts X X X X ..... , Advocates for R-3 (M: 9361962423) Mr. Kailash Sharma, Advocate for R-5 Prathiba M. Singh, J. (Oral) 1. This hearing has been done through hybrid mode. 2. The Petitioner - Jeevagan Narayana Swami Nadar, who is a suspended Director of Sinnar Thermal Power Limited (hereinafter "STPL") has filed the present petition seeking relief against South Eastern Coalfields Limited/Respondent No.3 (hereinafter "SECL"). The grievance of the Petitioner is with respect to the letter dated 22nd November, 2022, by which show cause notice was issued by SECL, as to why the Fuel Supply Agreement dated 3rd September, 2013, executed between STPL and SECL (hereinafter "FSA"), ought not to be terminated and consequential forfeiture of the security deposit ought ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No.1. Mr. Ramji Srinivasan further submits that against the award dated 22.04.2022, application under Section 34 of the Arbitration and Conciliation Act has already been filed in the High Court which is pending consideration. He further submits that in the minutes of meeting held on 02.05.2022 and 06.05.2022, the Ministry of Power is already taking steps to start commissioning of the plant and he has referred to minutes at Sl. No. 4.4.5. In view of the above submission, we are of the view that IRP in pursuance of the impugned order may not take any steps and it shall be open for the Appellant to participate further with the Ministry of Power in continuation of the earlier minutes of meetings." 6. In this background of the insolvency res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Venkatesh, ld. counsel appearing for the Petitioner, submits that STPL's Director can maintain the present petition in view of the order passed by the NCLAT on 26th September, 2022, which has clearly observed that the resolution professional would not take any steps with regard to the company. It is further submitted that owing to the moratorium which is operating in favour of the Petitioner, the subsequent invocation of the bank guarantees ought to be restrained inasmuch as the same would be contrary to the moratorium order under Section 14 of the IBC. 10. Heard. The moratorium order of the NCLT dated 19th September, 2022 reads as under: "27. We direct the applicant to deposit a sum of Rs. 2 lacs with the Interim Resolution Professi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erty is occupied by or in the possession of the corporate debtor." (e) The IB Code 2016 also prohibits Suspension or termination of any license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concessions, clearances or a similar grant or right during the moratorium period."" 11. The above order is in two parts - One is the appointment of the interim res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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