https://www.taxtmi.com/caselaws?id=756621 The Madras HC dismissed a petition seeking to quash TANGEDCO's demand notice for electricity arrears and restore connection. The petitioner's electricity was disconnected for non-payment prior to insolvency proceedings. The court held that operational creditors have constitutional property rights under Article 300A and 21. While the Adjudicating Authority cannot substitute commercial wisdom of the Committee of Creditors (CoC), it must exercise revisional jurisdiction to ensure correctness. The court emphasized that undisclosed creditors become victims if not revealed during resolution processes, and warned against manipulating IBC to defeat creditor interests. The petition was dismissed without costs. en-us Fri, 07 Jun 2024 00:00:00 +0530 Tue, 06 Aug 2024 20:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756621 The Madras HC dismissed a petition seeking to quash TANGEDCO's demand notice for electricity arrears and restore connection. The petitioner's electricity was disconnected for non-payment prior to insolvency proceedings. The court held that operational creditors have constitutional property rights under Article 300A and 21. While the Adjudicating Authority cannot substitute commercial wisdom of the Committee of Creditors (CoC), it must exercise revisional jurisdiction to ensure correctness. The court emphasized that undisclosed creditors become victims if not revealed during resolution processes, and warned against manipulating IBC to defeat creditor interests. The petition was dismissed without costs. Case-Laws Insolvency and Bankruptcy Fri, 07 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756621