Central Transmission Utility of India Limited (appellant) held a Rs.108.44 crore cash deposit from KSK Mahanadi Power Company Limited (KMPCL), the Corporate Debtor (CD), as a Payment Security Mechanism (PSM) in lieu of a Letter of Credit (LoC) for transmission charges. KMPCL entered Corporate Insolvency Resolution Process (CIRP) on 03.10.2019. The appellant unilaterally appropriated the deposit on 28.03.2020 against both pre-CIRP and post-CIRP dues. The dispute specifically concerned Rs.85.13 crores, representing pre-CIRP dues. The Resolution Professional (RP) challenged this appropriation before the NCLT.
The appellant, Central Transmission Utility of India Limited (CTUIL), provides an established transmission system and enters into Transmission Service Agreements (TSA) with power generation units and consumers.
KSK Mahanadi Power Company Limited (KMPCL), a power generation unit, entered into a Bulk TSA with PGCIL (appellant's predecessor) and subsequently a TSA with the appellant.
KMPCL ended up in an insolvency proceeding (Corporate Insolvency Resolution Process - CIRP).
The 2nd respondent is the creditor who initiated the CIRP against KMPCL, which was admitted by the National Company Law Tribunal (NCLT) on 03.10.2019.
The 1st respondent is the Resolution Professional (RP) appointed for KMPCL, the Corporate Debtor (CD).
…Sign in to view the parties.
PGCIL issued a…
KMPCL undert…
Central Transmission Utility of India Limited (appellant) held a Rs.108.44 crore cash deposit from KSK Mahanadi Power Company Limited (KMPCL), the Corporate Debtor (CD), as a Payment Security Mechanism (PSM) in lieu of a Letter of Credit (LoC) for transmission charges. KMPCL entered Corporate Insolvency Resolution Process (CIRP) on 03.10.2019. The appellant unilaterally appropriated the deposit on 28.03.2020 against both pre-CIRP and post-CIRP dues. The dispute specifically concerned Rs.85.13 crores, representing pre-CIRP dues. The Resolution Professional (RP) challenged this appropriation before the NCLT.
The appellant, Central Transmission Utility of India Limited (CTUIL), provides an established transmission system and enters into Transmission Service Agreements (TSA) with power generation units and consumers.
KSK Mahanadi Power Company Limited (KMPCL), a power generation unit, entered into a Bulk TSA with PGCIL (appellant's predecessor) and subsequently a TSA with the appellant.
KMPCL ended up in an insolvency proceeding (Corporate Insolvency Resolution Process - CIRP).
The 2nd respondent is the creditor who initiated the CIRP against KMPCL, which was admitted by the National Company Law Tribunal (NCLT) on 03.10.2019.
The 1st respondent is the Resolution Professional (RP) appointed for KMPCL, the Corporate Debtor (CD).
…PGCIL issued a…
KMPCL undert…