The case involves an appeal against an order by the National Company Law Tribunal (NCLT), Chennai. The appellant, Tamil Nadu Generation & Distribution Corporation Ltd., claims that amounts due to them for the supply of energy were released prior to the admission of the application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional had wrongly shown a sum of Rs. 82,32,871/- as payable to the 'Corporate Debtor' to Tamil Nadu General and Distribution Corporate Ltd.', which has been approved by the Adjudicating Authority.
Tamil Nadu Generation & Distribution Corporation Ltd. (TANGEDCO) filed an appeal against an order of the National Company Law Tribunal (NCLT), Chennai. TANGEDCO claimed that payments for energy supplied were released before the insolvency application under Section 7 of the Insolvency and Bankruptcy Code (IBC) was admitted. The Resolution Professional incorrectly indicated that Rs. 82,32,871/- was payable to TANGEDCO by the 'Corporate Debtor'. The NCLAT allowed TANGEDCO to petition the NCLT to implead 'High-Tech Bio Product' as a 'successful resolution applicant' under Section 420(2) of the Companies Act, 2013, and Rule 11 of the NCLT Rules, 2016. The NCLT was instructed to consider corrections to the approved resolution plan, protecting creditor rights. The
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The case involves an appeal against an order by the National Company Law Tribunal (NCLT), Chennai. The appellant, Tamil Nadu Generation & Distribution Corporation Ltd., claims that amounts due to them for the supply of energy were released prior to the admission of the application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional had wrongly shown a sum of Rs. 82,32,871/- as payable to the 'Corporate Debtor' to Tamil Nadu General and Distribution Corporate Ltd.', which has been approved by the Adjudicating Authority.
Tamil Nadu Generation & Distribution Corporation Ltd. (TANGEDCO) filed an appeal against an order of the National Company Law Tribunal (NCLT), Chennai. TANGEDCO claimed that payments for energy supplied were released before the insolvency application under Section 7 of the Insolvency and Bankruptcy Code (IBC) was admitted. The Resolution Professional incorrectly indicated that Rs. 82,32,871/- was payable to TANGEDCO by the 'Corporate Debtor'. The NCLAT allowed TANGEDCO to petition the NCLT to implead 'High-Tech Bio Product' as a 'successful resolution applicant' under Section 420(2) of the Companies Act, 2013, and Rule 11 of the NCLT Rules, 2016. The NCLT was instructed to consider corrections to the approved resolution plan, protecting creditor rights. The
…Date of the order…
Date of the order passed by the National…