The case involves an appeal by Paschimanchal Vidyut Vitran Nigam Limited (PVVNL) against an order of the National Company Law Appellate Tribunal (NCLAT) which rejected PVVNL's appeal against an order of the National Company Law Tribunal (NCLT), Allahabad. The NCLT had allowed an application directing the District Magistrate and Tehsildar, Muzaffarnagar, to release property attached at PVVNL's request in favor of the liquidator of Raman Ispat Pvt. Ltd. (corporate debtor). This release was to enable the sale of the property and distribution of proceeds under the Insolvency and Bankruptcy Code, 2016 (IBC).
1. An agreement was entered into on 2010-02-11 for the supply of electricity, with Clause 5 stating outstanding dues would be a charge on the company's assets.
2. PVVNL raised bills for electricity supply to Raman Ispat Private Limited (corporate debtor), which remained unpaid.
3. PVVNL attached the corporate debtor's properties on 2016-01-12, and the Tehsildar restrained transfer of property on 2016-01-23, creating a charge on the properties.
4. The corporate debtor underwent a resolution process under the IBC, which was unsuccessful, leading to liquidation.
5. The final bill dated 2017-01-27 showed total arrears of ₹4,32,33,883/-, and the District Collector issued a recovery notice for ₹2,50,14,080/- by auction on 2018-03-05.
6. The liquidator alleged that the attachment
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The case involves an appeal by Paschimanchal Vidyut Vitran Nigam Limited (PVVNL) against an order of the National Company Law Appellate Tribunal (NCLAT) which rejected PVVNL's appeal against an order of the National Company Law Tribunal (NCLT), Allahabad. The NCLT had allowed an application directing the District Magistrate and Tehsildar, Muzaffarnagar, to release property attached at PVVNL's request in favor of the liquidator of Raman Ispat Pvt. Ltd. (corporate debtor). This release was to enable the sale of the property and distribution of proceeds under the Insolvency and Bankruptcy Code, 2016 (IBC).
1. An agreement was entered into on 2010-02-11 for the supply of electricity, with Clause 5 stating outstanding dues would be a charge on the company's assets.
2. PVVNL raised bills for electricity supply to Raman Ispat Private Limited (corporate debtor), which remained unpaid.
3. PVVNL attached the corporate debtor's properties on 2016-01-12, and the Tehsildar restrained transfer of property on 2016-01-23, creating a charge on the properties.
4. The corporate debtor underwent a resolution process under the IBC, which was unsuccessful, leading to liquidation.
5. The final bill dated 2017-01-27 showed total arrears of ₹4,32,33,883/-, and the District Collector issued a recovery notice for ₹2,50,14,080/- by auction on 2018-03-05.
6. The liquidator alleged that the attachment
Parties entered into an agreement for the…
PVVNL attached the…