The appeal was filed by Central Transmission Utility of India Limited (CTUIL) against the order dated 09.10.2020 passed by the National Company Law Tribunal (NCLT), Hyderabad, in Interim Application bearing no. 487/2020 in CP (IB) No. 492/7/HDB/2019. The NCLT order pertained to the appropriation of a security deposit by CTUIL after the initiation of the Corporate Insolvency Resolution Process (CIRP) against KSK Mahanadi Power Company Limited (Corporate Debtor). The Corporate Debtor was admitted into CIRP on 03.10.2019.
KSK Mahanadi Power Company Limited (Corporate Debtor) is engaged in power generation. It entered into a Transmission Service Agreement (TSA) with Central Transmission Utility of India Limited (CTUIL) on 05.12.2012 for power transmission. CTUIL issued a termination notice to the Corporate Debtor on 01.08.2018 for failing to open a letter of credit. The Corporate Debtor challenged this notice before the CERC, which directed them to open a letter of credit for Rs. 108.44 crores. The Corporate Debtor made a cash deposit of Rs. 108.44 crores in lieu of the letter of credit on 08.02.2019. CIRP commenced against the Corporate Debtor on 03.10.2019. CTUIL filed a claim with the Resolution Professional for Rs. 356.41 crores on 03.01.2020. CTUIL invoked the security deposit of
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KSK Mahanadi Power Co. Ltd. entered into a…
CTUIL issued a notice to the Corporate…
The appeal was filed by Central Transmission Utility of India Limited (CTUIL) against the order dated 09.10.2020 passed by the National Company Law Tribunal (NCLT), Hyderabad, in Interim Application bearing no. 487/2020 in CP (IB) No. 492/7/HDB/2019. The NCLT order pertained to the appropriation of a security deposit by CTUIL after the initiation of the Corporate Insolvency Resolution Process (CIRP) against KSK Mahanadi Power Company Limited (Corporate Debtor). The Corporate Debtor was admitted into CIRP on 03.10.2019.
KSK Mahanadi Power Company Limited (Corporate Debtor) is engaged in power generation. It entered into a Transmission Service Agreement (TSA) with Central Transmission Utility of India Limited (CTUIL) on 05.12.2012 for power transmission. CTUIL issued a termination notice to the Corporate Debtor on 01.08.2018 for failing to open a letter of credit. The Corporate Debtor challenged this notice before the CERC, which directed them to open a letter of credit for Rs. 108.44 crores. The Corporate Debtor made a cash deposit of Rs. 108.44 crores in lieu of the letter of credit on 08.02.2019. CIRP commenced against the Corporate Debtor on 03.10.2019. CTUIL filed a claim with the Resolution Professional for Rs. 356.41 crores on 03.01.2020. CTUIL invoked the security deposit of
…KSK Mahanadi Power Co. Ltd. entered into a…
CTUIL issued a notice to the Corporate…