Punjab State Power Corporation Limited (PSPCL) filed an appeal against the order of the National Company Law Tribunal (NCLT), Chandigarh, which nullified outstanding electricity dues payable by Akums Lifesciences Limited (formerly Parabolic Drugs Limited) for the period prior to the initiation of the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated against Akums Lifesciences Limited on 23.08.2018, and the resolution plan was approved on 12.01.2021. After the approval, the Successful Resolution Applicant (SRA) approached PSPCL to restore the electricity connection, but PSPCL claimed outstanding dues of Rs. 3,87,96,889. The NCLT held that the resolution plan had already been approved and pre-CIRP dues were settled, as Akums Lifesciences Limited had
…1. A CIRP was initiated against Akums Lifesciences Limited on 23.08.2018.
2. A resolution plan was approved on 12.01.2021.
3. Punjab State Power Corporation Limited (PSPCL) claimed outstanding electricity dues of Rs. 3,87,96,889 from Akums Lifesciences Limited.
4. These dues pertained to the period before the CIRP.
5. PSPCL did not file its claim before the Resolution Professional during the CIRP.
6. The approved resolution plan did not include any provision for payment of these outstanding electricity dues.
7. The Successful Resolution Applicant (SRA) paid Rs. 3.88 crores to PSPCL on 19.03.2023 under protest to restore electricity.
8. The NCLT nullified the outstanding dues of the Corporate Debtor for the period prior to CIRP.
9. PSPCL filed an appeal against the NCLT order,
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CIRP was initiated…
Resolution pl…
Punjab State Power Corporation Limited (PSPCL) filed an appeal against the order of the National Company Law Tribunal (NCLT), Chandigarh, which nullified outstanding electricity dues payable by Akums Lifesciences Limited (formerly Parabolic Drugs Limited) for the period prior to the initiation of the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated against Akums Lifesciences Limited on 23.08.2018, and the resolution plan was approved on 12.01.2021. After the approval, the Successful Resolution Applicant (SRA) approached PSPCL to restore the electricity connection, but PSPCL claimed outstanding dues of Rs. 3,87,96,889. The NCLT held that the resolution plan had already been approved and pre-CIRP dues were settled, as Akums Lifesciences Limited had
…1. A CIRP was initiated against Akums Lifesciences Limited on 23.08.2018.
2. A resolution plan was approved on 12.01.2021.
3. Punjab State Power Corporation Limited (PSPCL) claimed outstanding electricity dues of Rs. 3,87,96,889 from Akums Lifesciences Limited.
4. These dues pertained to the period before the CIRP.
5. PSPCL did not file its claim before the Resolution Professional during the CIRP.
6. The approved resolution plan did not include any provision for payment of these outstanding electricity dues.
7. The Successful Resolution Applicant (SRA) paid Rs. 3.88 crores to PSPCL on 19.03.2023 under protest to restore electricity.
8. The NCLT nullified the outstanding dues of the Corporate Debtor for the period prior to CIRP.
9. PSPCL filed an appeal against the NCLT order,
CIRP was initiated…
Resolution pl…