The case involves an application (IA No. 164/2021) filed by Akums Lifesciences Limited (formerly known as Parabolic Drugs Limited) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Punjab State Power Corporation Limited (PSPCL) and its engineers. Akums Lifesciences sought directions to adhere to the terms of the approved resolution plan and to restore electricity connection to its factory premises located in village Sundran and Chhachhrauli, Tehsil- Derabassi. The Corporate Insolvency Resolution Process (CIRP) was initiated on 23.08.2018, and the resolution plan was approved on 12.01.2021. The applicant contended that PSPCL was hindering the restarting of production by not restoring the electricity connection, despite the resolution plan's
…Akums Lifesciences Limited (formerly Parabolic Drugs Limited) underwent CIRP, initiated on 2018-08-23. A resolution plan was approved on 2021-01-12. Post-resolution, Akums Lifesciences sought restoration of electricity to its factory in Sundran and Chhachhrauli, Tehsil- Derabassi. Punjab State Power Corporation Limited (PSPCL) refused, citing outstanding dues of Rs. 3,87,96,889/- from 2017 and 2018. Akums Lifesciences argued it wasn't liable for pre-CIRP dues and had already paid operational creditors. PSPCL didn't submit its claim during CIRP. The resolution plan included clauses for settling statutory dues and operational creditor claims. Akums Lifesciences deposited Rs. 3.87 crores with PSPCL for electricity at Mubarakpur. PSPCL claimed outstanding amounts for
…Sign in to view the parties.
Corporate Insolvency Resolution Process…
Resolution Pl…
The case involves an application (IA No. 164/2021) filed by Akums Lifesciences Limited (formerly known as Parabolic Drugs Limited) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Punjab State Power Corporation Limited (PSPCL) and its engineers. Akums Lifesciences sought directions to adhere to the terms of the approved resolution plan and to restore electricity connection to its factory premises located in village Sundran and Chhachhrauli, Tehsil- Derabassi. The Corporate Insolvency Resolution Process (CIRP) was initiated on 23.08.2018, and the resolution plan was approved on 12.01.2021. The applicant contended that PSPCL was hindering the restarting of production by not restoring the electricity connection, despite the resolution plan's
…Akums Lifesciences Limited (formerly Parabolic Drugs Limited) underwent CIRP, initiated on 2018-08-23. A resolution plan was approved on 2021-01-12. Post-resolution, Akums Lifesciences sought restoration of electricity to its factory in Sundran and Chhachhrauli, Tehsil- Derabassi. Punjab State Power Corporation Limited (PSPCL) refused, citing outstanding dues of Rs. 3,87,96,889/- from 2017 and 2018. Akums Lifesciences argued it wasn't liable for pre-CIRP dues and had already paid operational creditors. PSPCL didn't submit its claim during CIRP. The resolution plan included clauses for settling statutory dues and operational creditor claims. Akums Lifesciences deposited Rs. 3.87 crores with PSPCL for electricity at Mubarakpur. PSPCL claimed outstanding amounts for
…Corporate Insolvency Resolution Process…
Resolution Pl…