NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI Company Appeal (AT) (Insolvency) No. 251 of 2026 (Arising against the impugned order dated 27.11.2025 passed by the National Company Law Tribunal, Ahmedabad Bench in I.A. No. 47(AHM)/

2024 in Company Petition (IB) No. 38 of 2020].

IN THE MATTER OF:

SUMEET INDUSTRIES LIMITED Through its Resolution Professional, Mr. Satyendra Prasad Khorania, having registered office at 402, OK Plus, DP Metro Pillar No. 94, New Sanganer Road, Jaipur-302019 …Appellant Versus

1. DAKSHIN GUJARAT VIJ COMPANY LIMITED Through its Managing Director Having registered office at:

Urja Sadan, Nana Varachha Road, Kapodara Char Rasta, Surat-395006

2. Eagle Group Through Authorised Signatory …Respondent No.1 Mr. Radheshyam B. Jaju Office Address at:

201, Orleans, Sosyo Circle, Udhna Mangdalla Road, Surat, Gujarat- 395002 …Respondent No.2 Present:

For Appellant: Mr. Ajit Kumar Sinha, Sr. Advocate with Mr. Srijan Sinha, Mr. Himanshu Chaubey, Mr. Siddharth Garg, Ms. Lihzu Shiney Konyak, Ms. Nitya Prabhakar and Mr. Rishi Chouksey, Advocates.

For Respondent: Ms. Srishti Khindaria, Advocate for R1.

Adv. Saumitra Chaturvedi, Advocate for R2/SRA.

J U D G M E N T

(25th May, 2026)

INDEVAR PANDEY, MEMBER (T)

The present Appeal has arisen out of the order dated 27.11.2025 passed by the National Company Law Tribunal, Ahmedabad Bench (Adjudicating Authority) in I.A. No. 47/2024 in CP(IB) No. 38/2020, whereby the application filed by Appellant-Sumeet Industries Limited (Corporate Debtor) through its Resolution Professional Mr. Satyendra Prasad Khorania, came to be dismissed. Through the said application, the Appellant had sought directions against Dakshin Gujarat Vij Company Limited (DGVCL)/ Respondent No.1 herein, for restoration of the Security Deposit amounting to Rs.8,30,25,606/, which according to the Appellant had been illegally adjusted by the Respondent No.1 after commencement of the Corporate Insolvency Resolution Process (“CIRP”), and further sought re-credit/refund of an amount of Rs.3,78,78,845.48/- , which had allegedly been appropriated by the Respondent No.1 towards pre-CIRP electricity dues in violation of the moratorium imposed under Section 14 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ‘Code’). The Eagle Group which is the Successful Resolution Applicant (SRA) in the aforesaid CIRP has been Arrayed as Respondent No.2. Aggrieved by dismissal of its application by the Adjudicating Authority, Sumeet Industries Limited/ Corporate Debtor has filed this appeal through the Resolution Professional before this Appellate Tribunal.

Brief Facts of the Case

2. The facts relevant for deciding this matter are as given below: i. Proceedings against the Corporate Debtor were originally initiated by IDBI Bank through an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, which came to be registered as CP (IB) No. 38/NCLT/AHM/2020 before the Ld. Adjudicating Authority.

ii. The CD was drawing electricity from the Respondent No.1. For the month of November 2022, the Energy Bill dated 02.12.2022 was issued by the Respondent No.1 for an amount of Rs.10,70,96,739.44/-. This included total monthly bill amount;

outstanding arrears; and delayed payment penalty.

iii. The aforesaid electricity dues for November 2022 were not cleared within the stipulated period, and accordingly, the Respondent No.1 on 14.12.2022 issued a statutory disconnection notice under Section 56 of the Electricity Act, 2003, directing the Corporate Debtor to clear the outstanding dues within fifteen days from the date of issuance of the notice and further warning that, in the event of non-payment, the electricity supply would be disconnected without further notice upon expiry of the said period, i.e., on or after

29.12.2022.

iv. Adjudicating Authority vide its order dated 20.12.2022 admitted the Sec 7 petition filed by the IDBI Bank and initiated CIRP against Sumeet Industries Limited/Corporate Debtor. Consequen