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NCLAT dismissed an appeal concerning pre-CIRP electricity dues, affirming NCLT's jurisdiction over post-resolution plan disputes under IBC Section 60(5). The Tribunal held that IBC provisions supersede the Electricity Act 2003 per Section 238. The approved resolution plan's binding nature under Section 31(1) extinguished pre-CIRP dues since the appellant electricity company failed to file claims during CIRP. The Successful Resolution Applicant's (SRA) protest payment for electricity restoration was deemed compulsory for business continuation. The ruling established that creditors cannot demand pre-CIRP dues after resolution plan approval without having filed claims during the insolvency process, upholding IBC's primacy in resolving corporate insolvency matters.
NCLAT dismissed an appeal concerning pre-CIRP electricity dues, affirming NCLT's jurisdiction over post-resolution plan disputes under IBC Section 60(5). The Tribunal held that IBC provisions supersede the Electricity Act 2003 per Section 238. The approved resolution plan's binding nature under Section 31(1) extinguished pre-CIRP dues since the appellant electricity company failed to file claims during CIRP. The Successful Resolution Applicant's (SRA) protest payment for electricity restoration was deemed compulsory for business continuation. The ruling established that creditors cannot demand pre-CIRP dues after resolution plan approval without having filed claims during the insolvency process, upholding IBC's primacy in resolving corporate insolvency matters.
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