IBC would prevail over Electricity Act: NCLAT Delhi

Punjab State Power Corporation Limited Vs Akums Lifesciences Limited (NCLAT Delhi) NCLAT Delhi held that Insolvency and Bankruptcy Code, 2016 [IBC] would prevail over Electricity Act. Thus, power distribution company cannot insist on the payment of arrears for restoration of the electricity connection and such a matter would fall within the ambit of Section 60(5)(c) of the IBC, 2016. Facts- The present appeal has been filed by Punjab State Power Corporation Limited against the order of NCLT filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 by Akums Lifesciences Limited (ear...