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Adjustment of security payment deposit against pre-CIRP dues not allowable: NCLAT Chennai
Case Law Details
- Case Name
- Central Transmission Utility of India Ltd. Vs Summit Binani (NCLAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLAT
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Central Transmission Utility of India Ltd. Vs Summit Binani (NCLAT Chennai)
NCLAT Chennai held that in the scheme of the IBC, 2016 once a Corporate Debtor is admitted into CIRP, all recovery action for past dues come to a standstill. Thus, held that adjustment of security payment deposit against pre-CIRP dues not allowable.
Facts- KSK Mahanadi Power Company Limited (Corporate Debtor) is a company engaged in business of power generation. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process on 03.10.2019.
Corporate Debtor had entered into a Bulk Power T...
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