TaxTMI 
TaxTMI 
2019 (2) TMI 1874
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....ent Nos. 1 to 5 namely, the distribution companies of Uttar Pradesh to restrain them from terminating the PPA dated 8.8.2013 and for quashing the Termination Letter dated 16.1.2019 whereby the Respondent No. 2, Paschimanchal Vidyut Vitran Nigam Limited has raised demand of Rs. 823.42 crore from the Petitioner on account of delay in commissioning of the generating station of the Petitioner. The Petitioner further apprehends that the Respondent Nos. 1 to 5 may also invoke the Contract Performance Guarantee of Rs. 169.58 crore. 2. Accordingly, the Petitioner has made the following prayers in the petition: "(a) Quashing and/or setting aside the Termination Notice dated 16.1.2019 being arbitrary and illegal; and to restrain the Respondent Nos....
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....pending adjudication of the present petition." 4. In the I.A., the Petitioner has submitted that presently, the Petitioner has been subjected to the proceedings under the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'IBC'). The Resolution Process for the Petitioner has been initiated pursuant to the order of the National Company Law Tribunal (NCLT), Hyderabad Bench dated 29.8.2018 whereunder the Resolution Professional has been appointed. The Petitioner has further submitted that the order of the NCLT imposes moratorium under Section 14 of IBC, thereby restraining any proceedings inimical to or encumbering and/or alienating any assets or interests of the Petitioner. 5. The Petitioner has submitted that its gene....
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....tion 14 of the IBC is extracted as under:- "14. (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely:-- (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect o....
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.....8.2018 of NCLT, Hyderabad Bench, the Commission cannot entertain the present Petition under Section 79(1)(f) of the Act. 8. Under Section 60(5) of the IBC, a corporate person can approach NCLT for appropriate direction which is extracted as under: "60 (5) Notwithstanding anything to the contrary contained in any other law for the time being in force, the National Company Law Tribunal shall have jurisdiction to entertain or dispose of-- (a) any application or proceeding by or against the corporate debtor or corporate person; (b) any claim made by or against the corporate debtor or corporate person, including claims by or against any of its subsidiaries situated in India; and (c) any question of priorities or any question of law or ....