National Company Law Appellate Tribunal
Uttarakhand Power Corporation Limited vs Shirdi Industries Ltd on 27 March, 2025
Author: Ashok Bhushan
Bench: Ashok Bhushan
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
PRINCIPAL BENCH, NEW DELHI
Comp. App. (AT) (Ins) No. 303 of 2025
IN THE MATTER OF:
Uttarakhand Power Corporation Ltd. ...Appellants
Versus
Shirdi Industries Ltd. & Anr. ...Respondents
Present:
For Appellant : Mr. Yakesh Anand, Ms. Sonam Anand, Mr. Akshay
Thakur, Advocates.
For Respondents : Mr. Pranjit Bhattacharya and Ms. Salonee Shukla,
Advocates.
ORDER
(Hybrid Mode) 27.03.2025: Heard counsel for the parties.
This appeal has been filed against the order dated 22.01.2025 which order is as follows:-
"ORDER CONT.A./15(M B)2024 in CP/839(MB)2017
1) Mr. Shyam Kapadia, Ld. Counsel for the Applicant is present. Mr. Yakesh Anand, Ld. Counsel for Respondents, though present, could not make submissions on account of some technical glitch at their end.
2) Applicant submits that they have deposited an amount in terms of the order dt. 16.12.2024, alongwith the undertaking, however, they are wiling to issue Bank Guarantee in relation to the other part of Amount. The furnishing of Bank Guarantee is pending on account of vetting of Guarantee terms by the Respondents. In view of this, Respondents are directed to vetting of Bank Guarantee from the date of this Orders.
3) Stand over to 06.02.2025, for further consideration and hearing."
2. Ld. Counsel for the appellant submits that the prior to passing of the 22.01.2025 order Adjudicating Authority has passed an earlier order dated 16.12.2024 where the Adjudicating Authority has noticed the total amount of Rs.5,85,88,722/- which was due on the respondent. Adjudicating Authority however, noted the submission of the respondent they want to deposit Rs. 60,69,764/- and rest bank guarantee which was noticed in paragraph 4 and thereafter the matter was fixed on 14.01.2025. Against the order dated 16.12.2024 appellant has already filed an appeal which appeal has been dismissed by this Tribunal vide order dated 04.03.2025 on the ground of delay.
3. The Ld. Counsel for the appellant submits that in event the respondent deposit the entire amount the appellant has no difficulty in transferring of electricity connection.
4. Ld. Counsel for the respondent submits that against the order 16.12.2024 by dismissal of the appeal on 04.03.2025 the order has become final hence the appellant is now obliged to comply the said order.
5. Order dated 16.12.2024 passed by the Adjudicating Authority is as follows:-
"ORDER CONT.A./15(M B)2024
1. Adv. Shyam Kapadia a/w Adv. Sonaya Patel i/b Indus Law for the Applicant are present. Adv. Yakesh Anand, Adv. Akshay Thakur for Respondents No.1 to 3 present through VC.
2. Ld. Counsel for the Applicant submits that the Respondent UPCL had advised an outstanding of Rs.5,85,88,722/- vide its order dated 12.12.2024. Out of this the Ld. Counsel for the Applicant 2 of 4 Company Appeal (AT) (Ins) No. 303 of 2025 is ready to deposit of Rs.60,69,764/- within period of one (1) week and also furnish a bank guarantee for Rs.3,35,94,660/- within two (2) weeks.
3. He further submits that an amount of Rs.1,61,39,349/- and 27,84,949/- is not payable as the same is subject to appeal in Appeal No.715 of 2023 before the Aptel. The Ld. Counsel for the Applicant is ready to give an undertaking on the stamp paper in relation to the payment of amounts which are subject matter Aptel Appeal in case such amounts are held payable by them.
4. In view these submissions and subject to payment and furnishing of bank guarantee as stated above, we consider it appropriate to direct the Respondent to allow the transfer of Electricity Connection having Electricity Connection No.890K000003939 standing in the name of Applicant to M/s Hella Infra Market Wood Products Private Limited.
5. Ld. Counsel for the Respondent seeks two (2) weeks' time to file Reply. Time is granted. List this matter on Board on 14.01.2025."
6. The order dated 22.01.2025, the subsequent order passed by the Adjudicating Authority, we have already extracted above where the appellant was directed to vet the bank guarantee. That counsel for the appellant submits that order dated 22.01.2025 has to be read along with order dated 16.12.2024 and the respondent are liable to deposit the entire amount.
7. We have considered the submissions and perused the records. The Order dated 16.12.2024 paragraph 4 accepted the request of the respondent to deposit the amount Rs.60,69,764/- and thereafter bank guarantee for Rs.3,35,94,660/- hence we are unable to accept the submission of the appellant that the respondent be directed to deposit the entire amount. The order dated 22.01.2025 is only directed for vetting up the bank guarantee which is in continuation of the earlier order dated 16.12.2024. We thus, do 3 of 4 Company Appeal (AT) (Ins) No. 303 of 2025 not find any infirmity in the order dated 22.01.2025 to entertain this appeal. The Appeal is dismissed.
[Justice Ashok Bhushan] Chairperson [Barun Mitra] Member (Technical) harleen/NN 4 of 4 Company Appeal (AT) (Ins) No. 303 of 2025