Cosmic Ferro Alloys Limited filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking enforcement of a resolution plan approved by the Adjudicating Authority on October 11, 2018. The applicant alleges that Damodar Valley Corporation (DVC) is not complying with the resolution plan, causing prejudice.
Citi Bank NA initiated CIRP against Cosmic Ferro Alloys Limited, and a resolution plan was approved on October 11, 2018.
The resolution plan stipulated that Cosmic Ferro Alloys would pay DVC Rs. 24.67 crores to settle old dues.
DVC submitted a claim of Rs. 64.4456 crores before the Resolution Professional.
Cosmic Ferro Alloys alleges that DVC is demanding an exorbitant sum of Rs. 104.92 crores, which relates to the period before the sanction of the resolution plan.
DVC disconnected the electricity supply to Cosmic Ferro Alloys on August 14, 2020, for non-payment of dues.
DVC issued a revised bill pursuant to orders of the West Bengal Electricity Regulatory Commission, reducing its claim for tariff periods 2006-2009 and 2009-2013 to Rs. 56.67 crore approximately.
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Resolution plan for…
DVC disconnected electricity supply to Cosmic…
Cosmic Ferro Alloys Limited filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking enforcement of a resolution plan approved by the Adjudicating Authority on October 11, 2018. The applicant alleges that Damodar Valley Corporation (DVC) is not complying with the resolution plan, causing prejudice.
Citi Bank NA initiated CIRP against Cosmic Ferro Alloys Limited, and a resolution plan was approved on October 11, 2018.
The resolution plan stipulated that Cosmic Ferro Alloys would pay DVC Rs. 24.67 crores to settle old dues.
DVC submitted a claim of Rs. 64.4456 crores before the Resolution Professional.
Cosmic Ferro Alloys alleges that DVC is demanding an exorbitant sum of Rs. 104.92 crores, which relates to the period before the sanction of the resolution plan.
DVC disconnected the electricity supply to Cosmic Ferro Alloys on August 14, 2020, for non-payment of dues.
DVC issued a revised bill pursuant to orders of the West Bengal Electricity Regulatory Commission, reducing its claim for tariff periods 2006-2009 and 2009-2013 to Rs. 56.67 crore approximately.
…Resolution plan for…
DVC disconnected electricity supply to Cosmic…