ORDER

Per: - Coram.

1. The present Interlocutory Application is filed by Surendra Kumar Bansal under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (‘the Code') and the Provisions of the Rule 11 of the NCLT Rules, 2016 against Maharashtra State Electricity Distribution Company Limited and others.

Facts of the Case:

2. The Applicant is the successful bidder of the E-Auction process conducted for the sale of the Corporate Debtor as a going concern on 20 May 2021. Letter of Intent dated May 21, 2021, was issued in favour of the Applicant by the Liquidator. The present Application is filed before this Hon'ble Tribunal for seeking reliefs in form of certain permissions and approvals from this Hon'ble Tribunal.

3. The Corporate Insolvency Resolution Process ("CIRP) was initiated against the Corporate Debtor on December 28, 2021, on an application of the Punjab National Bank under Section 7 of the Insolvency Bankruptcy Code, 2016 ("Code"). The Liquidation Process was initiated against the Corporate Debtor vide order dated February 20th, 2021, and Mr. Amit C Poddar was appointed as the Liquidator vide order dated 02^nd March 2020, by this Hon'ble Tribunal.

4. Pursuant to the above, the Liquidator has opted to sell the Corporate Debtor as a going concern under Regulation 32 (e) of the IBBI (Liquidation process) Regulations, 2016 ("Liquidation Process Regulation") and the E-Auction Process Memorandum for the sale of Corporate Debtor was published by the Liquidator on May 10th, 2021. The Applicant submitted the bid before the Liquidator by depositing an Earnest Money Deposit equivalent to 10% (Ten Percent) of the Reserve Price (i.e., INR 1,90,00,000/- (Indian Rupees One Crore Ninety Lakhs Only) on May 18th, 2021.

5. The Applicant's bid of INR 20,32,00,000/- (Indian Rupees Twenty Crores Thirty - Two Lakhs Only) ("Sale Consideration") was higher than other bidders. Subsequent to the Letter of Intent dated May 21st, 2021 issued by the Liquidator in favour of the Applicant, the Applicant deposited a further sum being 100% (Hundred percent) of the sale consideration from time to time between May 18th, 2021 and August 18th, 2021.

6. It is the case of the Applicant that he is not liable for the arrears of electricity dues claimed by the Respondent No.01 in respect of the properties of the Corporate Debtor acquired by him in e-auction on a sale as a going concern during liquidation of the Corporate Debtor.

Reply on behalf of the Respondents:

7. It is submitted that the IA has been filed by the Applicant who has acquired the property of Corporate Debtor Tulsi Extrusion Limited wherein the said property is situated at Addl. MIDC Area, Taluka and Dist. Jalgaon. The said property is divided into three units as follows:

i. Unit I – Plot No. N 99, N 100, N 109 and N 108

ii. Unit II – H-16 and H-17

iii. Unite III – G-51 and G-52 Though there are non-agricultural freehold lands bearing CS No. 1289 divided in 4 parts which has also been transferred as a part of transaction by Corporate Debtor, same is not the subject matter in present IA and hence, is not mentioned.

8. The said properties got transferred to the present owner i.e. Applicant vide e-auction proceedings under SARFAESI Act, wherein the Corporate Debtor Company named Tulsi Extrusion Ltd. transferred it’s assets along with plant machinery to Applicant through IP (Insolvency Liquidator).

9. There were 5 electricity connections which were provided on the said property comprising 3 Units. The details of electricity connections provided to the three units in mentioned herein below:

10. It is further submitted that out of 5 of electricity connections, only 3 were registered in the name of Corporate Debtor – Tulsi Extrusion Limited which were being provided to Unit