Uttarakhand Power Corporation Limited (UPCL) filed an appeal challenging the order dated 06.01.2023 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Principal Bench) in I.A. No. 4516/2022. The application was filed by Shyam Baba Developers & Builders Pvt. Ltd., the successful auction purchaser of the assets of the Corporate Debtor, Shree Shyam Pulp and Board Mills. The application sought directions to UPCL to energize/restore the electricity connection to the property purchased in the e-auction. The Adjudicating Authority allowed the application, directing UPCL to provide the electricity connection, which led to UPCL filing the appeal.
UCO Bank initiated CIRP against Shree Shyam Pulp and Board Mills on 27.03.2019 under Section 7 of IBC. No resolution plan was approved, leading to a liquidation order on 16.12.2020. The liquidator invited claims on 31.01.2020, and UPCL filed a claim for electricity dues of ₹8,43,99,407, with ₹7,66,95,203 admitted. Shyam Baba Developers & Builders Pvt. Ltd. purchased the corporate debtor's land and building in an e-auction on 30.07.2021, conducted on an 'as is where is' basis. The successful auction purchaser filed I.A. No. 4516/2022 seeking directions to UPCL to restore the electricity connection. The Adjudicating Authority allowed the application, directing UPCL to provide the connection. UPCL appealed, arguing the auction purchaser was liable for the outstanding
…Sign in to view the parties.
Corporate Insolvency Resolution Process (CIRP)…
Liquidator made a…
Uttarakhand Power Corporation Limited (UPCL) filed an appeal challenging the order dated 06.01.2023 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Principal Bench) in I.A. No. 4516/2022. The application was filed by Shyam Baba Developers & Builders Pvt. Ltd., the successful auction purchaser of the assets of the Corporate Debtor, Shree Shyam Pulp and Board Mills. The application sought directions to UPCL to energize/restore the electricity connection to the property purchased in the e-auction. The Adjudicating Authority allowed the application, directing UPCL to provide the electricity connection, which led to UPCL filing the appeal.
UCO Bank initiated CIRP against Shree Shyam Pulp and Board Mills on 27.03.2019 under Section 7 of IBC. No resolution plan was approved, leading to a liquidation order on 16.12.2020. The liquidator invited claims on 31.01.2020, and UPCL filed a claim for electricity dues of ₹8,43,99,407, with ₹7,66,95,203 admitted. Shyam Baba Developers & Builders Pvt. Ltd. purchased the corporate debtor's land and building in an e-auction on 30.07.2021, conducted on an 'as is where is' basis. The successful auction purchaser filed I.A. No. 4516/2022 seeking directions to UPCL to restore the electricity connection. The Adjudicating Authority allowed the application, directing UPCL to provide the connection. UPCL appealed, arguing the auction purchaser was liable for the outstanding
…Corporate Insolvency Resolution Process (CIRP)…
Liquidator made a…