In the matter of Kudos Chemie Limited
- CitationCA No.533/2019 in CP (IB) No. 277/Chd/Pb/2018
Ratio decidendi
The rule this decision rests on
The Tribunal directed restoration of electricity supply to a corporate debtor under the CIRP for the purpose of keeping it a going concern, with the supplier's pre-commencement dues to be pursued only as a claim before the Interim Resolution Professional; in the Tribunal's own reasoning, that direction rests on the premise that dues prior to the insolvency commencement date cannot be paid by the Interim Resolution Professional.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
It is submitted that the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was admitted on 05.07.2019 and the Corporate Insolvency Resolution Process (CIRP) was commenced from that date.
It is further stated that the electricity was disconnected on 04.04.2019 and that the operation of the plant of the Corporate Debtor is suspended since then. The total electricity bill stated to be in arrears as on 05.07.2019 (commencement date of CIRP) is ₹1,57,98,510/-. It is submitted that the dues prior to the CIRP date cannot be paid by the Interim CA No.533/2019 IN CP (IB) No.277/Chd/Pb/2018 (Admitted matter)
Resolution Professional (IRP) and directions be given for reconnection of the electricity.
For the purpose of keeping the operation of the Corporate Debtor as a going concern, the request of the IRP for issue of directions to the Punjab State Power Corporation Limited (PSPCL) is accepted. Accordingly, the directions are issued to the respondent No.1 i.e. Punjab State Power Corporation Limited to restore the electricity connection immediately. However, the respondent No.1 (PSPCL) may consider filing claim before the IRP in respect of the outstanding electricity dues of ₹1,57,98,510/- as on the date of commencement of the CIRP.
CA No.533/2019 stands disposed of.
Sd/- (Ajay Kumar Vatsavayi) Member (Judicial) Sd/- (Pradeep R.Sethi) Member (Technical) July 29, 2019. Ashwani
CA No.533/2019 IN CP (IB) No.277/Chd/Pb/2018 (Admitted matter)
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