# In the matter of Parabolic Drugs Ltd. IA No.164-2021 In CP (IB) No. 102-Chd-Chd-2018

> NCLT judgment dated 2023-07-05. Citation: TCN-2023-NCLT-02655. The case involves an application (IA No. 164/2021) filed by Akums Lifesciences Limited…

- **Court:** NCLT
- **Order date:** 5 Jul 2023
- **Citation:** TCN-2023-NCLT-02655
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/parabolic-drugs-ltd-ia-no164-2021-in-cp-ib-no-102-chd-chd-2018-b94276c5

## Summary

### Background

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

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## Facts

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

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## Issues and analysis

### Issue 1: Whether the applicant, Akums Lifesciences Limited, is entitled to restoration of electricity …

**Ratio:** The ratio is that under the Insolvency and Bankruptcy Code (IBC), pre-CIRP dues are

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**Reasoning:** The court reasoned that the resolution plan, approved by the adjudicating authority,

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**Interpretation:** This interprets the IBC to mean that a resolution plan, once approved, binds

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Akums Lifesciences…
- **Respondents:** Parabolic Drugs…; Punjab State…

## Timeline

- **2018-08-23 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Parabolic Drugs…
- **2021-01-12 — Resolution Plan…**: Resolution Plan was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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