The appeals challenge a common order passed by the Adjudicating Authority (NCLT, Chennai) regarding the adjustment of electricity dues paid during the Corporate Insolvency Resolution Process (CIRP) and the release of funds from an escrow account to the Kerala State Electricity Board.
Two Corporate Insolvency Resolution Processes (CIRP) were initiated against M/s. Paragon Steels (P) Ltd. and M/s. SMM Steel Re-rolling Mills Private Limited. A common Resolution Professional was appointed for both. M/s. Kerala State Electricity Board supplied electricity to the units, which was disconnected due to non-payment of dues during the CIRP period. The Adjudicating Authority, on October 26, 2018, directed the Resolution Professional to deposit Rs. 3.25 Crores in an Escrow Account for dues during the CIRP period, and the Electricity Board was directed to restore power.
…M/s. Paragon Steels had an outstanding…
Mr. R. Venkatakrishnan, the Resolution…
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The appeals challenge a common order passed by the Adjudicating Authority (NCLT, Chennai) regarding the adjustment of electricity dues paid during the Corporate Insolvency Resolution Process (CIRP) and the release of funds from an escrow account to the Kerala State Electricity Board.
Two Corporate Insolvency Resolution Processes (CIRP) were initiated against M/s. Paragon Steels (P) Ltd. and M/s. SMM Steel Re-rolling Mills Private Limited. A common Resolution Professional was appointed for both. M/s. Kerala State Electricity Board supplied electricity to the units, which was disconnected due to non-payment of dues during the CIRP period. The Adjudicating Authority, on October 26, 2018, directed the Resolution Professional to deposit Rs. 3.25 Crores in an Escrow Account for dues during the CIRP period, and the Electricity Board was directed to restore power.
…M/s. Paragon Steels had an outstanding…
Mr. R. Venkatakrishnan, the Resolution…
Sign in to view related legal provisions.