The case involves an application filed by West Bengal State Electricity Distribution Company Limited (WBSEDCL) against Punjab National Bank & Others, seeking the release of a bank guarantee. WBSEDCL claims to be an operational creditor to whom the Corporate Debtor owes dues for electricity. The Corporate Debtor was admitted into CIRP, and a moratorium was declared. WBSEDCL invoked a bank guarantee of Rs. 3,00,00,000/- due to non-payment of dues. The bank refused to disburse the guarantee, citing the moratorium and the acceptance of WBSEDCL's claim by the Resolution Professional (RP).
West Bengal State Electricity Distribution Company Limited (WBSEDCL) is an operational creditor to a Corporate Debtor. A Memorandum of Agreement (MoA) was executed between WBSEDCL's predecessor and the Corporate Debtor on 07.10.2004. As per the MoA, a Bank Guarantee was executed by the Corporate Debtor as a security deposit, which was renewed to Rs. 3 crore and valid until June 17, 2023. The Corporate Debtor was admitted into CIRP on 22.07.2022, resulting in a moratorium under Section 14 of IBC, 2016. The Corporate Debtor defaulted on electricity payments since February 2022, leading WBSEDCL to disconnect the connection on 09.09.2022 after serving a disconnection notice under Section 56 of the Electricity Act, 2003. As of 21.07.2022, Rs. 3,20,12,379/- was due and
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A Memorandum of Agreement (MoA) was executed…
Respondent No.1 issued…
The case involves an application filed by West Bengal State Electricity Distribution Company Limited (WBSEDCL) against Punjab National Bank & Others, seeking the release of a bank guarantee. WBSEDCL claims to be an operational creditor to whom the Corporate Debtor owes dues for electricity. The Corporate Debtor was admitted into CIRP, and a moratorium was declared. WBSEDCL invoked a bank guarantee of Rs. 3,00,00,000/- due to non-payment of dues. The bank refused to disburse the guarantee, citing the moratorium and the acceptance of WBSEDCL's claim by the Resolution Professional (RP).
West Bengal State Electricity Distribution Company Limited (WBSEDCL) is an operational creditor to a Corporate Debtor. A Memorandum of Agreement (MoA) was executed between WBSEDCL's predecessor and the Corporate Debtor on 07.10.2004. As per the MoA, a Bank Guarantee was executed by the Corporate Debtor as a security deposit, which was renewed to Rs. 3 crore and valid until June 17, 2023. The Corporate Debtor was admitted into CIRP on 22.07.2022, resulting in a moratorium under Section 14 of IBC, 2016. The Corporate Debtor defaulted on electricity payments since February 2022, leading WBSEDCL to disconnect the connection on 09.09.2022 after serving a disconnection notice under Section 56 of the Electricity Act, 2003. As of 21.07.2022, Rs. 3,20,12,379/- was due and
…A Memorandum of Agreement (MoA) was executed…
Respondent No.1 issued…