2020 (9) TMI 991

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....ndents to supply the Electricity to the Corporate Debtor in the present circumstances without insisting on the payment of past dues or any other preconditions so as to make the company as going concern. 2. And pass such other orders as deem fit and necessary in the given circumstances of the case and thus render justice." 2. The facts averred in the Application seeking for the above reliefs in short is that the members of the Committee of Creditors (CoC) in the first meeting has opined that the resolution value of the Company will be maximized only when the Company is operational and in view of the said opinion had directed the Applicant herein to take necessary steps to get the electricity connection so as to start the operations of the....

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....orporate Debtor since the Corporate Debtor had stopped production for a period of 8 to 9 months from the date of commencement of its operations due to working capital shortage and technical feasibilities of the equipment. 7. It is also averred that the Resolution Applicants are willing to provide interim finance for a sum of Rs. 50 lakhs subject to the proposal that the machines are allowed to make dry run of the machinery and thereafter to start the trial run and its commercial operations. 8. Taking into consideration the above aspects in the prayer as above noted and as being sought for by the Applicant/IRP, the Respondent has filed the Counter wherein it is contended that since the electricity connection was disconnected on 23.10.2018 ....

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.... 12. It is to be noticed that the Hon'ble Supreme Court has repeatedly reiterated in relation to IBC, 2016 and proceedings thereunder that resolution of insolvency of the Corporate Debtor, if possible should be attempted at any cost instead of allowing the Company to go into liquidation. Keeping the above dictum of the Hon'ble Supreme Court, the Respondent was posted with the query as to whether it is possible for the Respondent to give re-connection for a limited period so that the machinery as available with the Corporate Debtor can be operated on a dry run basis and if possible thereafter on a trial production basis with a view to resolve the insolvency of the Corporate Debtor particularly taking into consideration the EoI's ....