This appeal challenges the order dated 01.12.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench), which dismissed I.A. No. 962 of 2022 filed in CP (IB) No. 160/Chd/Pb/2018 by the Appellant under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The case involves a dispute over electricity dues related to a property purchased by the Appellant in a liquidation process of Gian Chand & Sons Pvt. Ltd. (Corporate Debtor). The Appellant sought a new electricity connection without paying the outstanding dues of the Corporate Debtor.
Gian Chand & Sons Pvt. Ltd. (Corporate Debtor) was admitted to liquidation on 05.08.2019, and a liquidator was appointed. Respondent No. 1, Punjab State Power Corporation Ltd., submitted a claim of Rs. 34,59,859/- for outstanding electricity dues related to the Corporate Debtor's property. Respondent No. 2 made a public announcement for the sale of the Corporate Debtor's assets, and an auction took place on 18.02.2022. Yarn Sales Corporation, the Appellant, was the highest bidder and purchased the land and building for Rs. 4,30,00,000/-. The sale certificate was issued on 22.03.2022. The property had an electricity connection with Account No. 3002810493, which was disconnected due to non-payment of electricity dues. After purchasing the property, the Appellant
…Sign in to view the parties.
Gian Chand & Sons Pvt.…
Auction of the…
This appeal challenges the order dated 01.12.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench), which dismissed I.A. No. 962 of 2022 filed in CP (IB) No. 160/Chd/Pb/2018 by the Appellant under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The case involves a dispute over electricity dues related to a property purchased by the Appellant in a liquidation process of Gian Chand & Sons Pvt. Ltd. (Corporate Debtor). The Appellant sought a new electricity connection without paying the outstanding dues of the Corporate Debtor.
Gian Chand & Sons Pvt. Ltd. (Corporate Debtor) was admitted to liquidation on 05.08.2019, and a liquidator was appointed. Respondent No. 1, Punjab State Power Corporation Ltd., submitted a claim of Rs. 34,59,859/- for outstanding electricity dues related to the Corporate Debtor's property. Respondent No. 2 made a public announcement for the sale of the Corporate Debtor's assets, and an auction took place on 18.02.2022. Yarn Sales Corporation, the Appellant, was the highest bidder and purchased the land and building for Rs. 4,30,00,000/-. The sale certificate was issued on 22.03.2022. The property had an electricity connection with Account No. 3002810493, which was disconnected due to non-payment of electricity dues. After purchasing the property, the Appellant
…Gian Chand & Sons Pvt.…
Auction of the…