R P Nagrath, Member - (1.) Two prayers have been made in the application CA No.72/2017 filed by the Applicant in CP (IB) No.8/Chd/CHD/2017 under Section 10 of Insolvency and Bankruptcy Code, 2016 (for brevity, the 'Code') which was admitted by this Tribunal on 07.04.2017 declaring moratorium in terms of Section 14(1) of the Code and appointing Mr.Prakash Dev Sharma, Applicant as the Interim Resolution Professional who has since been appointed as the Resolution Professional by the Committee of Creditors.
(2.) One issue raised is with regard to the payment of electricity bills. The petitioner company has been taken over as a going concern and it is still having its production. According to the Applicant, the supply of electricity being essential service, cannot be disconnected for non-payment of outstanding bills and the amount due has to be considered in the resolution plan. Sub-section (2) of Section 14 of the Code says that the supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. It is thus prayed that electricity bills in respect of the business premises cannot be recovered during moratorium period.
(3.) The second prayer is with regard to 5% tagging being made by the lead Bank i.e. Punjab National Bank on the basis of letter dt.20.06.2017 on behalf of the Corporate Debtor which is still being deducted. It is submitted that this deduction should be stayed and the amount recovered so far after the commencement of the resolution process may be directed to be paid back in the account of the Corporate Debtor which has been taken over as a running concern by the Interim Resolution Professional/Resolution Professional.;