This appeal was filed by the Resolution Professional of Lavasa Corporation Limited, challenging an order dated 21.01.2022 passed by the National Company Law Tribunal (NCLT), Mumbai Bench-Court II. The NCLT order partly allowed IA No. 1661 of 2021, which was filed by the Resolution Professional. The NCLT directed the Respondent (Maharashtra State Electricity Distribution Company Limited - MSEDCL) not to take over the Distribution Franchisee Agreement (DFA) and to continue supplying uninterrupted electricity to the Corporate Debtor. The Resolution Professional was also directed to pay the outstanding dues during the Corporate Insolvency Resolution Process (CIRP) period within 90 days. The Resolution Professional appealed against the part of the order that directed
…Lavasa Corporation Limited (Corporate Debtor) entered into a Distribution Franchisee Agreement (DFA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) on 15.03.2011, under which MSEDCL was to supply electricity at certain injection points from where the electricity was to be further supplied to consumers in the township through distribution infrastructure of the Corporate Debtor. The DFA expired on 24.10.2019. MSEDCL informed the Corporate Debtor by letter dated 09.07.2021 about its intention not to renew the DFA and to take over the Distribution Franchisee. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was commenced on 30.08.2018 by an order of the Adjudicating Authority. The Appellant was appointed as
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Lavasa Corporation Limited entered into a…
Corporate Insolvency Resolution Process…
This appeal was filed by the Resolution Professional of Lavasa Corporation Limited, challenging an order dated 21.01.2022 passed by the National Company Law Tribunal (NCLT), Mumbai Bench-Court II. The NCLT order partly allowed IA No. 1661 of 2021, which was filed by the Resolution Professional. The NCLT directed the Respondent (Maharashtra State Electricity Distribution Company Limited - MSEDCL) not to take over the Distribution Franchisee Agreement (DFA) and to continue supplying uninterrupted electricity to the Corporate Debtor. The Resolution Professional was also directed to pay the outstanding dues during the Corporate Insolvency Resolution Process (CIRP) period within 90 days. The Resolution Professional appealed against the part of the order that directed
…Lavasa Corporation Limited (Corporate Debtor) entered into a Distribution Franchisee Agreement (DFA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) on 15.03.2011, under which MSEDCL was to supply electricity at certain injection points from where the electricity was to be further supplied to consumers in the township through distribution infrastructure of the Corporate Debtor. The DFA expired on 24.10.2019. MSEDCL informed the Corporate Debtor by letter dated 09.07.2021 about its intention not to renew the DFA and to take over the Distribution Franchisee. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was commenced on 30.08.2018 by an order of the Adjudicating Authority. The Appellant was appointed as
…Lavasa Corporation Limited entered into a…
Corporate Insolvency Resolution Process…