Page 759 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
By Hon’ble NCLT Mumbai Bench

IN THE NATIONAL COMPANY LAW TRIBUNAL
MUMBAI BENCH

C.P. (I.B.) No. 157/7/NCLT/MB/2017

Decided On: 23.08.2017

Applicant: ICICI Bank Ltd.
Vs.
Respondent: Innoventive Industries Ltd.

Judges/Coram:
Hon'ble Sh. B.S.V. Prakash Kumar, (Member (J))

Counsels:
For Appellant/Petitioner/Plaintiff: Mr. Nirav Shah, Learned Advocate & i/b Little & Co.

For Respondents/Defendant: Mr. Ameya Gokhale a/w Meghna Rajadhyaksha i/b Shardul Amarchand
Mangaldas & Co.

ORDER

Hon'ble Sh. B.S.V. Prakash Kumar, Member (J)

1. The Applicant is a public sector undertaking company supplying electricity to the Public of

Maharashtra, since this applicant has been supplying electricity to this corporate debtor, it has
filed this Miscellaneous Application stating that for this corporate debtor failed to pay to the
electricity supplied to the Industry run by the Corporate Debtor, the Applicant has already issued

notices u/s 56(1) of the Electricity Act 2003 on 20.01.2017, 17.02.2017 & 26.03.2017 to this
consumer in respect two connections maintained by this debtor giving 15 days' time for making
payment of the dues payable to the Applicant.

2. In spite of serving such notices upon this Corporate Debtor, Corporate Debtor has failed to make
payments as demanded by the Applicant herein except a part payment of 248,07,402 towards
dues that arose from January 2017 till August 2017. Applicant's Counsel submits that as on

18.01.2017, the total outstanding arrears of electricity bill payable by the Corporate Debtor for
High Tension Consumer No. 184279045210 is Rs. 1,25,83,970 and High Tension Consumer No.

184819033250 is Rs. 1,55,43090 total aggregating to Rs. 2,81,21,060. Since the Corporate
Debtor made payment of Rs. 48,07,402 on 18.08.2017, the total outstanding arrears payable by
the Corporate Debtor as on date has aggregated to Rs. 2,38,00,650.

3. The Applicant's Counsel states that distribution companies have to purchase power from
generation companies, if dues are stuck like this, it will be difficult for distribution companies and

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