Damodar Valley Corporation Vs Mackeil Ispat & Forging Ltd. (NCLAT Delhi)
NCLAT Delhi held that by approval of the Resolution Plan, all dues and claims of pre-CIRP stand extinguished. Thus, appellant is not entitled for recovering any dues from respondent which relate to pre-CIRP period.
Facts- The Corporate Debtor, Mackeil Ispat & Forging Ltd. under Power Purchase Agreement dated 14.12.2009 was receiving supply of electricity from Appellant for industrial purposes. A Section 7 Application was admitted against the Corporate Debtor on 03.02.2020 on an Application filed by the State Bank of India (SBI).
The Appellant disconnected the electricity on 19.02.2020. The Appellant on 13.11.2020 has filed its claim to the RP, which was admitted to the extent of ₹ 2,32,13,387/-. A Resolution Plan was approved by the Committee of Creditors (CoC) on 21.09.2021. As per the Resolution Plan, the Appellant offered to make payment of ₹4,64,003/-. The Resolution Plan was approved by the Adjudicating Authority vide Order dated 21.09.2021. By the Order approving the Resolution Plan, the Adjudicating Authority also granted certain reliefs and concessions.
On 29.10.2021, the Corporate Debtor wrote to the Appellant that Corporate Debtor is ready to pay 4.643 Lakhs to the Appellant as per the Order dated 21.09.2021, on which power supply from the Appellant be restored to the factory. On 03.11.2021, Appellant wrote to the Respondent No.1 to comply with the Order.
