MUMBAI - BENCH-II

[Under Sections 60 (5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of NCLT Rules, 2016}

IN THE MATTER OF:

NJS ENGINEERS INDIA PRIVATE LIMITED,

SUCCESSFUL AUCTION PURCHASER, Having its Office at

18, Shailesh Society, Karvenagar, Pune, Maharashtra-411052

…. Applicant

V/s

MAHARASHTRA STATE ELECTRICITY

DISTRIBUTION COMPANY LIMITED

Having its Registered Office at Prakashgad Plot No G-9 Aanant Kanekar Marg Bandra

(E) ,Mumbai, Maharashtra -400051

…Respondent No.1

-And-

MILIND BALKRISHNA KASODEKAR

LIQUIDATOR OF PHADNIS INFRASTRUCTURE

LIMITED

…. Respondent No.2

In

CP (IB) No. 1028 (MB) of 2017

PRAMOD MAHAJAN & 26 OTHERS

…Operational Creditor

V/s PHADNIS INFRASTRUCTURE LIMITED …Corporate Debtor Pronounced: 24.04.2025 CORAM:

HON’BLE SHRI SANJIV DUTT HON’BLE SHRI ASHISH KALIA MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Appearances: Hybrid Applicant : Adv. Prakhar Tandon Respondent No.1/ MSEDCL : Adv. Anup Jain, Adv. Udit Gupta, Adv. Sneha Singh Respondent No. 2 : None ORDER [PER: ASHISH KALIA, MEMBER (JUDICIAL)]

BACKGROUND

1. The present application is filed by NJS Engineers India Private Limited, through its authorized signatory, Mr. Uday Ganapati Kelkar (hereinafter referred to as the ’Applicant’), under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ‘the Code”). The Applicant seeks the following reliefs in this application:

”(a) Allow the instant application of the Applicant;

(b) Set aside the Outward Notice No.: S.A./Karvenagar Branch/479 dated 07.12.2023 demanding outstanding Previous Discontinuance amount of Rs.

40,54,520/- (Indian Rupees Forty Lakhs Fifty-Four Thousand Five Hundred Twenty Only) and other Demand Notice(s) issued by the Respondent No.1, relating to the dues on the said property prior to the registration of the said property in favour of the applicant;

c) Direct Respondent No.1 to issue fresh electric connection in the name of the Applicant on the said property as per the load requirement of the applicant without going into the issue of non-payment of previous discontinuance charges and other charges as due from the previous owner i.e., Corporate Debtor.”

2. The Corporate Debtor, viz., Phadnis Superstructure Ltd. was admitted to CIRP vide order of this Tribunal dated 14.09.2017 under Section 9 of the Code. Subsequently, vide order dated 10.10.2017, Mr. Milind Balkrishna Kasodekar (Respondent No.2) was appointed as the RP. Since no Resolution Plan was received from any prospective Resolution Applicant pursuant to the publication of Expression of Interest, the secured creditors decided to go in for liquidation of the Corporate Debtor. Accordingly, this Tribunal vide order dated 07.05.2018 directed initiation of Liquidation of the Corporate Debtor in terms of Section 33(1) (a) (i) of the Code and Respondent No. 2 was appointed as the Liquidator.

3.The Liquidator/Respondent No.2 in exercise of his power and duties under Section 35(1)(f) published an auction notice dated 13.09.2023 for sale of certain immovable assets of the Corporate Debtor. The Applicant being an eligible Auction Purchaser participated in the e-auction process which was conducted on 04.10.2023. The Applicant submitted the highest bid and thus emerged as the Successful Auction Purchaser of the property situated at Office No.201, 202 and 203 on 2nd Floor along with covered parking G5, G5A, G5B, G6, G6A, G6B, Kalpavriksha, Vartak Baugh, Plot No. 2, S. No. 46/1C/1, CS No. 1477, Near Patwardhan Baugh & Behind Saket Co-Operative Housing Society Ltd., D.P. Road, (River side), Hingane Bk., Karve Nagar, Pune (hereinafter referred to as "the said property"). Pursuant to the declaration of the Applicant as the Successful Auction Purchaser, the Applicant had paid the entire consideration of Rs.3,74,67,000/- for the said property and three Sale Certificates dated 20.11.2023 with regard to the said property were issued in favour of the Applicant.

4. The Applicant submits that it made an online application to Respondent No.1 for a n