The case involves an application filed by Positron Biogenics Private Limited, the successful auction purchaser of property belonging to LML Limited, a corporate debtor undergoing liquidation. Positron Biogenics sought an order directing Kanpur Electricity Supply Company Limited (KESCO) to grant a new electricity connection to the purchased property. KESCO demanded payment of outstanding dues of Rs. 13,12,01,634, pertaining to the pre-CIRP period of LML Limited, before providing the connection. The applicant argued that as a bonafide purchaser in the liquidation process, it is not liable for the corporate debtor's pre-CIRP dues, citing Section 53 and Section 32A of the Insolvency and Bankruptcy Code (IBC), 2016.
1. M/s LML Limited underwent Corporate Insolvency Resolution Process (CIRP) which failed, leading to a liquidation order dated 23.03.2018.
2. Mr. Arun Gupta was appointed as the Liquidator for LML Limited.
3. The Liquidator conducted an e-auction sale of the assets of LML Limited.
4. M/s Positron Biogenics Private Limited emerged as the successful auction purchaser of property Parcel A B and C Site-III Panki Industrial Area Kanpur, U.P. for Rs.26.73 cr. The e-auction was conducted on an "as is where is" basis.
5. The Liquidator issued a sale certificate dated 28.12.2022 and handed over possession of the property to Positron Biogenics on 30.12.2022.
6. Positron Biogenics applied for a new electricity connection to the purchased property.
7. Kanpur Electricity Supply
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The case involves an application filed by Positron Biogenics Private Limited, the successful auction purchaser of property belonging to LML Limited, a corporate debtor undergoing liquidation. Positron Biogenics sought an order directing Kanpur Electricity Supply Company Limited (KESCO) to grant a new electricity connection to the purchased property. KESCO demanded payment of outstanding dues of Rs. 13,12,01,634, pertaining to the pre-CIRP period of LML Limited, before providing the connection. The applicant argued that as a bonafide purchaser in the liquidation process, it is not liable for the corporate debtor's pre-CIRP dues, citing Section 53 and Section 32A of the Insolvency and Bankruptcy Code (IBC), 2016.
1. M/s LML Limited underwent Corporate Insolvency Resolution Process (CIRP) which failed, leading to a liquidation order dated 23.03.2018.
2. Mr. Arun Gupta was appointed as the Liquidator for LML Limited.
3. The Liquidator conducted an e-auction sale of the assets of LML Limited.
4. M/s Positron Biogenics Private Limited emerged as the successful auction purchaser of property Parcel A B and C Site-III Panki Industrial Area Kanpur, U.P. for Rs.26.73 cr. The e-auction was conducted on an "as is where is" basis.
5. The Liquidator issued a sale certificate dated 28.12.2022 and handed over possession of the property to Positron Biogenics on 30.12.2022.
6. Positron Biogenics applied for a new electricity connection to the purchased property.
7. Kanpur Electricity Supply
Tribunal passed an…
Liquidator published…