2023 (1) TMI 290

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....Parth Tandon, Mr. V. Aravind, Advocates for R-2. JUDGMENT ASHOK BHUSHAN, J. This Appeal has been filed against the order dated 14.02.2020 passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi allowing C.A. No. 931(PB)/2019 filed in Company Petition (IB)-563(PB)/2018. Brief facts giving rise to this Appeal are: (i) CIRP was initiated by order dated 14.08.2018 of the Adjudicating Authority against the Corporate Debtor - Kalptaru Steel Rolling Mills Ltd. (ii) By order dated 14.02.2020, Resolution Plan was approved by the Adjudicating Authority. 2. The Appellant's case in the Appeal is that the Adjudicating Authority has not examined Clause 8.4 of General Terms and Conditi....

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....d by learned Senior Counsel for the Appellant that there has been contravention of Statutory Regulations, as the Plan breaches the provision of Section 30, sub-section (2) (e). Section 30, subsection (2) (e) provides: "30. Submission of resolution plan. (2) The resolution professional shall examine each resolution plan received by him to confirm that each resolution plan - (e) does not contravene any of the provisions of the law for the time being in force." 16. We may at this stage also refer to the Statutory Regulations 4.6.1 and 4.6.4, which are to the following effect: "4.6.1 If the power supply to any consumer remains disconnected continuously for a period of one hundred and eighty day's whe....

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....riding effect, on any other inconsistent law under Section 238. When any statutory provision including the provisions of West Bengal Electricity Regulatory Commission (Electricity Supply Code) Regulations, 2013 are overridden, the question of contravention of such provision does not arise. In event, the submission of learned Senior Counsel is accepted that all laws in force, including the Regulations in question have to be followed in the Resolution Plan and any contravention shall violate Section 30, sub-section (2) (a) & (e), the provision of Section 238 shall become redundant. From the conjoint reading of the provisions of Code, it is clear that in event any provision is not overridden by Section 238, Resolution Plan cannot contravene an....