The case involves an appeal against an order dated 10.01.2023, arising out of IA No.32/2021 in CP(IB) 1767/MB/2017, where the NCLT dismissed an application for refund of payment made under protest towards pre-CIRP electricity dues by the Successful Resolution Applicant (SRA) to the Respondent. The Corporate Debtor, Maharashtra Shetkari Sugar Ltd, was admitted to CIRP on 30.08.2018. The Resolution Plan filed by the Appellant was approved by the COC with a majority of 95.73% of the votes and later approved by the NCLT on 07.11.2019. The SRA took over the Corporate Debtor on 09.11.2019 and found the electricity connection disconnected. The Respondent refused to restore electricity without clearing pre-CIRP dues, leading the Appellant to make the payment under protest. The
…M/s Maharashtra Shetkari Sugar Ltd, the Corporate Debtor, was admitted into CIRP on 30.08.2018, leading to a moratorium. The Corporate Debtor operated a sugar crushing unit. The COC approved the resolution plan submitted by Twentyone Sugars Limited, the Appellant, between 19th August, 2019 and 31st August, 2019, with a 95.73% majority. The NCLT approved the Resolution Plan on 07.11.2019. The liquidation value was fixed at Rs.68 Crores, while admitted claims totaled Rs.491 crores. The Respondent, Maharashtra State Electricity Distribution co Ltd, failed to file any claim. The Appellant agreed to settle disclosed claims at Rs.109.4 crores and pay Rs.2 crores towards farmers' debts. 65% of the settlement amount was to be sourced through loans. On 09.11.2019, the SRA took
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Maharashtra S…
COC approved the…
The case involves an appeal against an order dated 10.01.2023, arising out of IA No.32/2021 in CP(IB) 1767/MB/2017, where the NCLT dismissed an application for refund of payment made under protest towards pre-CIRP electricity dues by the Successful Resolution Applicant (SRA) to the Respondent. The Corporate Debtor, Maharashtra Shetkari Sugar Ltd, was admitted to CIRP on 30.08.2018. The Resolution Plan filed by the Appellant was approved by the COC with a majority of 95.73% of the votes and later approved by the NCLT on 07.11.2019. The SRA took over the Corporate Debtor on 09.11.2019 and found the electricity connection disconnected. The Respondent refused to restore electricity without clearing pre-CIRP dues, leading the Appellant to make the payment under protest. The
…M/s Maharashtra Shetkari Sugar Ltd, the Corporate Debtor, was admitted into CIRP on 30.08.2018, leading to a moratorium. The Corporate Debtor operated a sugar crushing unit. The COC approved the resolution plan submitted by Twentyone Sugars Limited, the Appellant, between 19th August, 2019 and 31st August, 2019, with a 95.73% majority. The NCLT approved the Resolution Plan on 07.11.2019. The liquidation value was fixed at Rs.68 Crores, while admitted claims totaled Rs.491 crores. The Respondent, Maharashtra State Electricity Distribution co Ltd, failed to file any claim. The Appellant agreed to settle disclosed claims at Rs.109.4 crores and pay Rs.2 crores towards farmers' debts. 65% of the settlement amount was to be sourced through loans. On 09.11.2019, the SRA took
…Maharashtra S…
COC approved the…