2019 (2) TMI 1725

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....e For Surana and Surana ORDER Per : MR B.S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) It is an application filed by the Resolution Professional on 14th October, 2018 seeking directions against the Respondent (in short "KSEB") for restoration of supply of electricity to three units of the corporate debtor namely, (i) M/s. Paragon Steels-LCN 19/3051 (Unit-1); (ii) M/s. Paragon Steels -LCN 19/4028 (Unit-2) and (iii) M/s. SMM Steel Re-Rolling Mills-LCM 18/3255 on the ground KSEB disconnected electricity supply owing to non-payment of dues. 2. In pursuance of this application, on 26.10.2018 this Bench, on hearing the RP as well as KSEB and on the concession given by both the parties, directed the RP to deposit an amount of Rs. 3.25 crores, ....

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....erational creditor, the payments inadvertently paid for the earlier period should be treated as claims required to be paid to KSEB. 6. He further says that because this issue has already been given treatment in the resolution plan by adjusting arrear payments made towards preadmission bills against the bills raised during CIRP period, therefore the RP says that the corporate debtor now need not pay Rs. 3,25 crores as claimed by KSEB. And the RP says since KSEB, being operational creditor, has not got any liquidation value against its dues, therefore the payments made towards those arrears, which otherwise could not be realised, has been adjusted/set off against the bills raised during CIRP period. Hence forth, the RP says that KSEB shall....

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.... be an Operational Creditor. It will become Operational Creditor only when a claim is made towards operational debt before the Resolution Professional. As to payments already made, it could not be subscribed that a person to whom payments have already been made would become Operational Creditor. Since the payments already been made not to be considered as claim payable by the Corporate Debtor, therefore there could not be any restructuring as to the money already duly paid by the Corporate Debtor. 9. It is also pertinent to note that the Resolution Professional should have taken care while preparing the Resolution Plan, since the affected party, KSEB was not present before this Bench at the time of approval of the plan, he should not hav....