Back
NATIONAL COMPANY LAW TRIBUNAL
Rajeev Bhardwaj, Judicial Member, Sanjay Puri, Technical Member
M/s. Sri Lakshminarasimha Oil Mills Private Limited – Appellant
Versus
M/s. Northern Power Distribution Company of Telangana – Respondent
| Table of Content |
|---|
| 1. background of cirp, liquidation, and asset sale to bidder. (Para 1 , 2 , 3 , 4 , 5 , 6 , 7) |
| 2. applicants seek waiver of pre-cirp electricity arrears. (Para 8 , 9 , 10) |
| 3. applicants lack locus standi post-liquidation closure. (Para 11 , 12 , 16 , 17) |
| 4. going concern sale includes assets and liabilities. (Para 13 , 22 , 24) |
| 5. no clean slate for liquidation purchasers; dues persist. (Para 14 , 15 , 18 , 19 , 20 , 21 , 23) |
| 6. recap of liquidation sale and electricity connection dispute. (Para 25 , 26 , 27 , 28 , 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36) |
| 7. nclt retains jurisdiction under section 60(5)(c). (Para 38) |
| 8. auction 'as is where is' binds purchaser to electricity dues. (Para 39 , 40 , 41 , 42 , 43 , 44 , 45 , 46 , 47) |
APPLICATION
2. It is submitted that Indian Overseas Bank filed a Section 7 application under the IBC, 2016, against M/s Sri Lakshminarasimha Oil Mills Pvt. Ltd., which was admitted on 13.11.2019, with S. Kasthuri Rangan appointed first as IRP and later confirmed as RP.
3. It is further stated that this Tribunal, vide order dated 13.05.2021, directed the liquidation of Sri Lakshminarasimha Oil Mills Private Limited and appointed S. Kasthuri Rangan as th
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
