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Interest on an electricity security deposit was claimed by a successful auction purchaser on the basis that prior electricity liabilities stood extinguished and that regulatory interest was payable. The NCLAT held that the liquidation-related concessions merely directed restoration of supply and continuation of the security deposit in the corporate debtor's name, and did not create any entitlement to interest. Further, the interest-adjustment mechanism under the applicable electricity regulations operated through annual billing, but supply had been permanently disconnected years earlier and the deposit was withheld against dues resolved through separate HC-directed payments; the auction purchaser, entering in 2021, could not assert interest from the 2016-17 disconnection period. The appeal was dismissed.
Interest on an electricity security deposit was claimed by a successful auction purchaser on the basis that prior electricity liabilities stood extinguished and that regulatory interest was payable. The NCLAT held that the liquidation-related concessions merely directed restoration of supply and continuation of the security deposit in the corporate debtor's name, and did not create any entitlement to interest. Further, the interest-adjustment mechanism under the applicable electricity regulations operated through annual billing, but supply had been permanently disconnected years earlier and the deposit was withheld against dues resolved through separate HC-directed payments; the auction purchaser, entering in 2021, could not assert interest from the 2016-17 disconnection period. The appeal was dismissed.
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