This case involves an appeal against an order by the National Company Law Tribunal (NCLT), Jaipur Bench, which allowed Ajmer Vidyut Vitran Nigam Ltd. (AVVNL) to recover Fuel Surcharge (FS) and Special Fuel Surcharge (SFS) from Shree Rajasthan Syntex Ltd. (SRSL) for periods prior to the commencement of the Pre-Packaged Insolvency Resolution Process (PPIRP). The appellant, SRSL, contends that these charges are pre-insolvency claims that should have been part of the resolution plan and are now extinguished under Section 31(1) of the Insolvency and Bankruptcy Code (IBC), which provides for a 'clean slate' after the approval of a resolution plan. The respondents, AVVNL, argue that the FS and SFS are statutory charges under the Electricity Act, 2003, and the obligation to
…Shree Rajasthan Syntex Ltd. (SRSL), the appellant, is a public listed company engaged in manufacturing synthetic spun yarns, cotton yarns, and polypropylene yarns. It initiated Pre-Packaged Insolvency Resolution Process (PPIRP) in 2022. Ajmer Vidyut Vitran Nigam Ltd. (AVVNL), the respondent, sought to recover Fuel Surcharge (FS) and Special Fuel Surcharge (SFS) from SRSL for periods prior to the PPIRP commencement. The Adjudicating Authority permitted AVVNL to recover these charges. SRSL contends that these charges are pre-insolvency claims that should have been part of the resolution plan approved on 22.08.2023. SRSL argues that AVVNL did not file any claim regarding FS and SFS during the claim submission period. The bills for FS and SFS were received by SRSL on
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Appellant filed CP No. (IBPP)-01/54C/JPR/2022…
The Adjudicating Authority admitted the PPIRP…
This case involves an appeal against an order by the National Company Law Tribunal (NCLT), Jaipur Bench, which allowed Ajmer Vidyut Vitran Nigam Ltd. (AVVNL) to recover Fuel Surcharge (FS) and Special Fuel Surcharge (SFS) from Shree Rajasthan Syntex Ltd. (SRSL) for periods prior to the commencement of the Pre-Packaged Insolvency Resolution Process (PPIRP). The appellant, SRSL, contends that these charges are pre-insolvency claims that should have been part of the resolution plan and are now extinguished under Section 31(1) of the Insolvency and Bankruptcy Code (IBC), which provides for a 'clean slate' after the approval of a resolution plan. The respondents, AVVNL, argue that the FS and SFS are statutory charges under the Electricity Act, 2003, and the obligation to
…Shree Rajasthan Syntex Ltd. (SRSL), the appellant, is a public listed company engaged in manufacturing synthetic spun yarns, cotton yarns, and polypropylene yarns. It initiated Pre-Packaged Insolvency Resolution Process (PPIRP) in 2022. Ajmer Vidyut Vitran Nigam Ltd. (AVVNL), the respondent, sought to recover Fuel Surcharge (FS) and Special Fuel Surcharge (SFS) from SRSL for periods prior to the PPIRP commencement. The Adjudicating Authority permitted AVVNL to recover these charges. SRSL contends that these charges are pre-insolvency claims that should have been part of the resolution plan approved on 22.08.2023. SRSL argues that AVVNL did not file any claim regarding FS and SFS during the claim submission period. The bills for FS and SFS were received by SRSL on
…Appellant filed CP No. (IBPP)-01/54C/JPR/2022…
The Adjudicating Authority admitted the PPIRP…