# In the matter of State Bank of India Vs. Maithan Alloys Ltd. &Ors.  CA (AT) (Ins) No. 1245-1247 of 2019 & I.A No. 911 – 913 of 2021

> NCLAT judgment dated 2021-06-21. Citation: TCN-2021-NCLAT-00222. The case involves a Company Appeal (AT) (Ins) No. 1245-1247 of 2019 and I.A No. 911 – 913 of…

- **Court:** NCLAT
- **Order date:** 21 Jun 2021
- **Citation:** TCN-2021-NCLAT-00222
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/state-bank-of-india-vs-maithan-alloys-ltd-ors-ca-0dbc58c8

## Summary

### Background

The case involves a Company Appeal (AT) (Ins) No. 1245-1247 of 2019 and I.A No. 911 – 913 of 2021 before the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. State Bank of India is the appellant, and Maithan Alloys Ltd. &Ors. are the respondents. The matter pertains to I.A No. 924 of 2021. The counsel for Respondent No. 1 submitted that full consideration has been paid as per the settlement to the Liquidator.

## Facts

State Bank of India filed a Company Appeal (AT) (Ins) No. 1245-1247 of 2019 against Maithan Alloys Ltd. &Ors. before the NCLAT. During the proceedings, Respondent No. 1's counsel submitted that full consideration had been paid as per the settlement to the Liquidator. The Liquidator's counsel agreed with this submission. Respondent No. 1's counsel also requested that the Liquidator be directed to pay the electricity charges as per Section 53 of the IBC. The court allowed this prayer, binding the parties to the settlement agreement and auction notice. The Liquidator was directed to cooperate to restore the electric supply. The appeal was disposed of based on the settlement.

## Issues and analysis

### Issue 1: Whether the Liquidator should be directed to pay the electricity charges as per Section 53 of the …

**Ratio:** The ratio is based on the principle that settlements reached between parties should be

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**Reasoning:** The court reasoned that since the parties had reached a settlement, and the Liquidator's

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**Interpretation:** This involves interpreting the IBC provisions related to the payment of dues

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Jarat Kuma…; Ashok Kumar…
- **Appellants:** State Bank of…
- **Respondents:** Maithan Alloys…

## Timeline

- **2021-06-21 — Court Proc…**: Counsel for Respondent No. 1 submits full consideration paid as per settlement.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 53 — Distribution of assets](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-53)

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