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D. Y. CHANDRACHUD, J. B. PARDIWALA, MANOJ MISRA
Committee of Creditors of KSK Mahanadi Power Company Limited – Appellant
Versus
Uttar Pradesh Power Corporation Limited – Respondent
ORDER
1. Leave granted.
2 The challenge in these proceedings under Article 136 of the Constitution is to an order of the Single Judge of the High Court of Telangana at Hyderabad dated 10 September 2024.
3. The appeal has been instituted by the Committee of Creditors [“CoC”] of a company by the name of KSK Mahanadi Power Company Limited, a public limited company engaged in the generation of electricity, which is currently undergoing Corporate Insolvency Resolution Process [“CIRP”].
4. The first respondent, Uttar Pradesh Power Corporation Limited instituted a petition under Article 226 of the Constitution, seeking, inter alia, a consolidation of the appellant together with the CoCs of KSK Water Infrastructure Private Limited and Raigarh Champa Rail Infrastructure Private Limited. The consolidation of the CIRP of all the three companies through their respective Resolution Professionals was sought before the National Company Law Tribunal [“NCLT”], Hyderabad Bench II.
5. The High Court by its impugned order dated 10 September 2024 declined to grant the main relief seeking consolidation of the CIRP of the Corporate Debtor with two other companies for the reasons which are indicated in paragra
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The High Court's direction to defer the CIRP was unjustified and breached the provisions of the Insolvency and Bankruptcy Code, 2016.
Corporate Insolvency Resolution Proceedings – Unjustified interference with proceedings initiated under Insolvency and Bankruptcy Code 2016, breaches discipline of law.
In considering interim relief, courts must weigh the risk of injustice if their decision ultimately runs counter to the course adopted at the time of granting or refusing such relief.
Corporate Insolvency Resolution Process (CIRP) – Settlement cannot be stifled before constitution of Committee of Creditors in anticipation of claims against Corporate Debtor from third persons – Wit....
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