SEBI and Corporate Laws – July 15, 2019

2019] 189
debtor
from
HT
category
to
LT
category
and
in
case
such
request
is
made
and^
if
it
is
in
accordance
with
the
Rules,
the
APEPDCL
is
directed
to
consider
the^
request
favourably
and
effect
change
from
HT
Category
to
LT
category
for^
the
corporate
debtor.
[Para
11 ]

Ranga Rao Doradla

,

PCS

for the Applicant.

ORDER

Under

consideration

is

the

interlocutory

Application

filed

by

Applicant/

Liquidator^

in

respect

of

M/s.

Sree

Ramakrishna

Alloys

Limited

(Corporate

Debtor)^

under

Section

60 ( 5 )

r/w

Rule

11

of

NCLT

Rules,

2016 ,

seeking

direc

tions -

to

Respondent

for

changing

the

supply

of

power

from

High

Transmission

category^

to

Low

Transmission

category

for

lighting

purpose

alone

to

safeguard

the^

assets

of

the

Company.

The

averments

in

brief

in

the

Application

is

that

the

petition

filed

under

Section^

7

by

Financial

Creditor/PEC

Limited

was

admitted

on

14. 09. 2017

and

Corporate^

Insolvency

Resolution

Process

started

against

Corporate

Debtor/

M/s.^

Sree

Ramakrishna

Alloys

Limited.

It

is

averred

this

Tribunal

passed

order

of

Liquidation

of

Corporate

Debtor

in^

IA

505 / 2018

on

30. 11. 2018

and

appointed

Shri

Ranga

Rao

Doradla,

Appli

cant -

herein

as

Liquidator.

It

is

the

case

of

Applicant

that

the

Corporate

Debtor

has

electricity/power

connection^

from

Eastern

Power

Distribution

Company

of

Andhra

Pradesh

Limited^

(APEPDCL)

vide

HT

S.No.

VSP

351.

It

is

further

averred

that

the

Corporate

Debtor

is

into

Iron

and

Steel

manufac

turing -

business

and

for

that

purpose

the

Company

was

having

HT

power

service

line^

which

is

governed

by

HT

Tariff

Rates

and

that

now

since

the

operations

at^

the

factory

of

the

Corporate

Debtor

is

closed

down,

there

is

no

necessity

of

High^

Transmission

Power

Line.

Further,

the

Company

is

receiving

huge

bills

from^

the

Electricity

Department

even

without

using

HT

connection.

It

is

also

averred,^

Corporate

Debtor

received

notice

vide

letter

No.

SE/

0 /

VSP/

SAO/

AAO/JAO/HT/U 4 /D.NO. 407 / 2019

from

Eastern

Power

Distribution

Company

of^

AP

Limited

intimating

disconnection

of

supply

of

electricity.

It

is

the

case

of

Applicant/Liquidator

that

electricity

connection

to

the

Corporate^

Debtor

is

only

for

lighting

purpose

to

safeguard

the

assets

of

the

Corporate^

Debtor

for

which

HT

Power

Service

Line

is

not

necessary

and

thus,

prayed^

this

Tribunal

to

direct

the

Respondent

to

change

the

supply

of

power

from^

High

Transmission

Category

to

Low

Transmission

Category.

Already

I

heard

the

Liquidator.

This

Application

is

filed

by

Liquidator

for

a^

direction

to

Eastern

Power

Distribution

Company

of

A.P

Limited

(APEPD

CL) -

to

change

the

supply

of

power

to

M/s.

Sree

Ramakrishna

Alloys

Limited

(Corporate^

Debtor)

from

High

Tension

category

to

Low

Tension

category

for

reasons^

stated

in

the

Application.

The

Corporate

Debtor

is

under

liquidation.

The

Corporate

Debtor

was

in

the

business^

of

manufacturing

of

Iron

and

Steel.

It

obtained

HT

power

service

for

Sree Ramakrishna Alloys

v.

Eastern Power Distribution (NCLT - Hyd.)