Tamil Nadu Generation & Distribution ... vs Asset Reconstruction Company (India) ...

Tamil Nadu Generation & Distribution Corporation Ltd. ...Appellant

Versus

Asset Reconstruction Company (India) Ltd. & Ors. ...Respondents

Present: For Appellant : Mr. S. Vallinayagam, Advocate

For Respondents : Mr. Chitranshul A. Sinha, Ms. Sonali Khanna and Mr. Anshuman Mohit Chaturvedi, Advocates

ORDER

11.09.2019 Having heard learned counsel for the appellant and being

satisfied with the grounds, the delay of 11 days in preferring the appeal is

condoned.

I.A. No. 2817 of 2019 stands disposed of.

Learned counsel for the Appellant submits that whatever claim of the

Appellant towards supply of energy is concerned, were released prior to the

admission of the application under Section 7 of the Insolvency and Bankruptcy

Code, 2016 (for short, 'the I&B Code'). No further amount is payable by the

'Corporate Debtor' to the Appellant - 'Tamil Nadu General and Distribution

Corporate Ltd.'. However, 'Resolution Professional' has wrongly shown a sum of

Rs. 82,32,871/- is payable by the 'Corporate Debtor' to 'Tamil Nadu General and

Distribution Corporate Ltd.', which has been approved by the Adjudicating 2

Authority (National Company Law Tribunal), Single Bench, Chennai by

impugned order dated 19th June, 2019. It is submitted that if the said amount

is paid to the Appellant - 'Tamil Nadu General and Distribution Corporate Ltd.',

it cannot be accounted for.

Mr. Chitranshul A. Sinha, Advocate appears on behalf of 1st Respondent /

Caveator (Asset Reconstruction Company (India) Ltd. - Financial Creditor).

Having heard learned counsel for the parties and taking into consideration

the stand taken by the Appellant, we allow the Appellant to move before the

Adjudicating Authority (National Company Law Tribunal), Chennai by filing

appropriate petition with a request to the Adjudicating Authority to implead

'High-Tech Bio Product' - 'successful resolution applicant' to exercise powers

conferred under sub-section (2) of Section 420 of the Companies Act, 2013 read

with Rule 11 of the NCLT Rules, 2016 and, if so required, the Adjudicating

Authority may make necessary corrections/order with regard to the approved

plan in question without affecting the right of one or other creditors or

'successful resolution applicant'. If such an application is filed within four

weeks, the Adjudicating Authority will consider the same as per observations

made above.

The appeal stands disposed of. No costs.

[Justice S.J. Mukhopadhaya] Chairperson

[ Kanthi Narahari ] Member (Technical) /ns/gc

Company Appeal (AT) (Insolvency) No. 935 of 2019