The case involves an application (IA 1444 of 2020) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, by Bhadrashree Steel & Power Limited, the successful resolution applicant (SRA) of Ambey Iron Private Limited (erstwhile Corporate Debtor). The SRA sought directions from the Adjudicating Authority regarding electricity dues claimed by Maharashtra State Electricity Distribution Company Ltd. (MSEDCL), the respondent. The resolution plan for Ambey Iron Private Limited had been approved by the Committee of Creditors and the NCLT. After the approval, the SRA applied for a new electricity connection, but MSEDCL demanded arrears from the Corporate Debtor, leading to the current application.
In 2017, Oriental Bank of Commerce initiated CIRP against Ambey Iron Pvt. Ltd. under Section 7 of the IBC. The resolution plan submitted by Bhadrashree Steel & Power Limited was approved by the CoC and the NCLT on October 14, 2019. Bhadrashree took possession of Ambey Iron on July 7, 2020. MSEDCL disconnected electricity to Ambey Iron on December 31, 2014, due to unpaid dues. MSEDCL deducted Rs. 29,78,500 from Ambey Iron's security deposit and refunded the balance, issuing a No Dues Certificate on March 11, 2015. Later, MSEDCL claimed arrears of Rs. 2,16,847 from Bhadrashree. Bhadrashree paid Rs. 2,17,000 under protest and sought a new electricity connection. MSEDCL argued that under Section 56(1) of the Electricity Act, it was obligated to recover outstanding
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Oriental Bank of Commerce filed an application…
The Company Petition was admitted, initiating…
The case involves an application (IA 1444 of 2020) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, by Bhadrashree Steel & Power Limited, the successful resolution applicant (SRA) of Ambey Iron Private Limited (erstwhile Corporate Debtor). The SRA sought directions from the Adjudicating Authority regarding electricity dues claimed by Maharashtra State Electricity Distribution Company Ltd. (MSEDCL), the respondent. The resolution plan for Ambey Iron Private Limited had been approved by the Committee of Creditors and the NCLT. After the approval, the SRA applied for a new electricity connection, but MSEDCL demanded arrears from the Corporate Debtor, leading to the current application.
In 2017, Oriental Bank of Commerce initiated CIRP against Ambey Iron Pvt. Ltd. under Section 7 of the IBC. The resolution plan submitted by Bhadrashree Steel & Power Limited was approved by the CoC and the NCLT on October 14, 2019. Bhadrashree took possession of Ambey Iron on July 7, 2020. MSEDCL disconnected electricity to Ambey Iron on December 31, 2014, due to unpaid dues. MSEDCL deducted Rs. 29,78,500 from Ambey Iron's security deposit and refunded the balance, issuing a No Dues Certificate on March 11, 2015. Later, MSEDCL claimed arrears of Rs. 2,16,847 from Bhadrashree. Bhadrashree paid Rs. 2,17,000 under protest and sought a new electricity connection. MSEDCL argued that under Section 56(1) of the Electricity Act, it was obligated to recover outstanding
…Oriental Bank of Commerce filed an application…
The Company Petition was admitted, initiating…