The case involves appeals against an order by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-I) concerning a Corporate Insolvency Resolution Process (CIRP) for M/s Shirdi Industries Ltd. The Adjudicating Authority allowed an application by the Respondent and disposed of applications by the Appellant, Uttarakhand Power Corporation Ltd. (UPCL), holding them infructuous. UPCL appealed, seeking to set aside the order and direct the Respondents to pay outstanding electricity dues. The core dispute revolves around the adjustment of pre-CIRP electricity dues against current dues and the interpretation of the resolution plan regarding payment of these dues.
M/s Shirdi Industries Ltd. was admitted into CIRP on 2017-05-18. At the commencement of CIRP, the Corporate Debtor owed Rs 1.76 crore to Uttarakhand Power Corporation Ltd. (UPCL) for electricity bills from April and May 2017. The Respondent paid these dues on 2017-05-19 and 2017-06-19, after the CIRP commencement date. The resolution plan, approved on 2017-12-12, stipulated that pre-CIRP electricity dues of UPCL would be paid in eight installments from June 2022 to March 2024. UPCL did not file its claim during the CIRP proceedings. The Corporate Debtor filed an application seeking directions for stakeholders to follow the resolution plan. UPCL attempted to disconnect the electricity supply due to non-payment of current bills. The Adjudicating Authority directed UPCL
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M/s Shirdi Industries Ltd. was admitted into…
Respondent pa…
The case involves appeals against an order by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-I) concerning a Corporate Insolvency Resolution Process (CIRP) for M/s Shirdi Industries Ltd. The Adjudicating Authority allowed an application by the Respondent and disposed of applications by the Appellant, Uttarakhand Power Corporation Ltd. (UPCL), holding them infructuous. UPCL appealed, seeking to set aside the order and direct the Respondents to pay outstanding electricity dues. The core dispute revolves around the adjustment of pre-CIRP electricity dues against current dues and the interpretation of the resolution plan regarding payment of these dues.
M/s Shirdi Industries Ltd. was admitted into CIRP on 2017-05-18. At the commencement of CIRP, the Corporate Debtor owed Rs 1.76 crore to Uttarakhand Power Corporation Ltd. (UPCL) for electricity bills from April and May 2017. The Respondent paid these dues on 2017-05-19 and 2017-06-19, after the CIRP commencement date. The resolution plan, approved on 2017-12-12, stipulated that pre-CIRP electricity dues of UPCL would be paid in eight installments from June 2022 to March 2024. UPCL did not file its claim during the CIRP proceedings. The Corporate Debtor filed an application seeking directions for stakeholders to follow the resolution plan. UPCL attempted to disconnect the electricity supply due to non-payment of current bills. The Adjudicating Authority directed UPCL
…M/s Shirdi Industries Ltd. was admitted into…
Respondent pa…